If the Average Annual Growth Rate of a Country Increases

question 268

Multiple Choice

If the average annual growth rate of a country increases from 2% to 3%,how much faster will its GDP double?

• A) 10 years faster
• B) 11 2/3 years faster
• C) 17 years faster
• D) 25 years faster

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Definitions:

Gold Standard

A monetary system where a country's currency has a value directly linked to gold, allowing it to be exchanged for a specific amount of gold.

Gold Certificates

Certificates that were once issued by the United States government, representing a specific value of gold bullion held by the Treasury.

Trade Deficits

A situation where a country's imports exceed its exports, resulting in a negative balance of trade.

Current Account Deficits

A situation where a country spends more on foreign trade than it is earning and borrows capital from foreign sources to make up the difference.