If Real GDP Grew by 6 Percent and Population Grew

question 56

Multiple Choice

If real GDP grew by 6 percent and population grew by 2 percent, then real GDP per person grew by approximately ______ percent.

• A) 2
• B) 3
• C) 4
• D) 8

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Definitions:

Cost Leadership

A strategy businesses use to become the lowest-cost producer in their industry to gain a competitive advantage.

Porter's Generic

Strategies developed by Michael E. Porter that outline three potential strategies for achieving competitive advantage: cost leadership, differentiation, and focus.

Brand Name

The distinctive title that identifies a product or company, differentiating it from competitors in the marketplace.

Competitive Advantage

The favorable position a business gains over its competitors, typically through greater value to customers, lower costs, or both.