If Population Increases at an Average Rate of 1% Per

question 50

Multiple Choice

If population increases at an average rate of 1% per year and output increases at an average rate of 5% per year, then per capita real GDP will double in

• A) 14.4 years.
• B) 18 years.
• C) 24 years.
• D) 36 years.

---

Definitions:

Production Driven

Production driven refers to a business approach that prioritizes the efficiency and volume of production, often at the expense of other factors such as customer demand or innovation.

Discretionary Cost

A cost that is not essential for the operation of a business and can be adjusted or eliminated without directly impacting the immediate viability of the business.

Furniture Manufacturing

The industrial process of producing furniture items, combining various materials such as wood, metal, and textiles.

Advertising

The activity or profession of producing advertisements for commercial products or services, aimed at influencing the buying behavior of consumers.