Since World War II the Long-Term Average Rate of Real

question 107

Multiple Choice

Since World War II the long-term average rate of real GDP growth in the United States has been

• A) 1.35 percent.
• B) 3.4 percent.
• C) 6.5 percent.
• D) 13.5 percent.

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Definitions:

Notes Payable

Written promises to pay a certain amount of money, usually with interest, by a specified future date, recorded as liabilities on a balance sheet.

Accounts Payable

Accounts payable is a liability account that records the amounts a company owes to suppliers or vendors for goods or services received but not yet paid for.

Salaries Payable

A liability account representing the amounts owed to employees for work performed but not yet paid.

Net Income

The amount of money left after all expenses have been deducted from total revenues.