Solve. -The Population of a Small Country Increases According to the the Function

question 233

Multiple Choice

Solve.
-The population of a small country increases according to the function B = 2,000,000e0.04t, where t is measured in years. How many people will the country have after 10 years?

• A) 1,832,581
• B) 5,023,773
• C) 795,880
• D) 2,983,649

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Definitions:

Long-Run Growth

The sustained upward trajectory in the economy's output over time, reflecting long-term increases in productivity and capacity.

Closed Economy

A closed economy is one that does not engage in international trade of goods and services, nor does it allow for capital flows from abroad.

Households Or Invested

The concept of how households either consume goods and services for their own use or allocate savings into investments.

Loanable Funds

The funds available within an economy for borrowing, which consist of household savings, business savings, and any government surplus.