The Rule of 70 Applies

question 39

Multiple Choice

The Rule of 70 applies:

• A) only to GDP.
• B) only to GDP per capita.
• C) to any growth rate.
• D) only to developed countries.

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Definitions:

FOB Shipping Point

A term used in shipping agreements that means "Free on Board Shipping Point," indicating that the buyer is responsible for freight and other shipping costs from the seller's location.

FOB Destination

A shipping term that means the seller retains the risk of loss or damage to goods until they are delivered to the buyer's specified location.

Merchandise Inventory

Goods that a retailer or wholesaler purchases to sell to customers, held as an asset on the balance sheet.

Work in Process

Refers to partially finished goods that are still in the production process at the end of an accounting period.