Suppose That the Average Annual Rate of Population Increase in Econland

question 49

Multiple Choice

Suppose that the average annual rate of population increase in Econland in recent years was about 2 percent. Based on this rate of growth, the population of Econland will double in about

• A) 7 years.
• B) 11 years.
• C) 35 years.
• D) 46 years.

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Definitions:

Constructive Receipt

A tax principle that taxes income individuals have earned but not yet received, based on the availability without substantial restriction.

Control

Refers to the power to influence or direct people's behavior or the course of events.

Interest Income

Income earned from the lending of money or from depositing funds in interest-bearing accounts.

Banks

Financial institutions licensed to receive deposits and provide financial services, including loans, to individuals and businesses.