If the Real GDP of a Developed Country Doubles in 48

question 56

Multiple Choice

If the real GDP of a developed country doubles in 48 years, the average annual growth rate in real GDP must be _____.

• A)1.5 %
• B)3.5 %
• C)0.67 %
• D)0.012 %
• E)24 %

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Definitions:

Cost of Goods Manufactured

The total production cost of goods completed during a specific period, including materials, labor, and overhead.

Schedule of Cost

A detailed statement that shows the various costs associated with the production of goods or provision of services during a specific period.

Raw Materials

The basic materials from which products are made, often processed or combined with other materials in the production process.

Inventories

Assets held for sale in the ordinary course of business, or materials that will be consumed or used in the production of goods to be sold.