To Find the Approximate Number of Years It Takes the Economy

question 123

Multiple Choice

To find the approximate number of years it takes the economy to double:

• A) divide its growth rate by 70.
• B) divide 70 by its growth rate.
• C) divide its growth rate by 100.
• D) multiply its growth rate by 20.

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor of production, holding all other factors constant.

Marginal Product

The additional output gained from employing an extra unit of input in the production process.

Produce

To create, manufacture, or cultivate goods, especially agricultural products, for consumption or use.

Labor

The use of human physical and mental capabilities to generate goods and services.