The Population of Upper Anchora Was 2,000,000 at the Start

question 67

Multiple Choice

The population of Upper Anchora was 2,000,000 at the start of 1996 and was doubling every 10 years. How fast was it growing per year at the start of 1996? Round your answer to the nearest thousand.

• A)138,000 people per year
• B)129,000 people per year
• C)139,000 people per year
• D)140,000 people per year
• E)278,000 people per year

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Definitions:

Price of Capital

The cost incurred to use capital goods for production, often determined by interest rates and market demand.

Total Expenditures

The total amount of money spent by a firm or an individual on goods and services.

Price of Labor

The wage rate or compensation paid to employees for their work or services, determined by supply and demand in the labor market.

Isocost Line

A line that represents all combinations of inputs which cost the same total amount.