Use the Following Information to Answer the Question(s) Below

question 74

Multiple Choice

Use the following information to answer the question(s) below:
(1) the rate of depreciation is 10% per year,
(2) the population growth rate is 2% per year, and
(3) the growth rate of technology is 3% per year.
-Refer to the information above.Which of the following represents the steady-state growth rate of output in this economy?

• A)2%
• B)3%
• C)5%
• D)10%
• E) 15%

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Definitions:

Valid

Referring to arguments, data, or conclusions that are logically sound, well-founded, and corresponds accurately to the real world.

Quality

Refers to the standard of something measured against other things of a similar kind; the degree of excellence of something.

Psychological Test

A standardized measure of a sample of a person’s behavior.

Socioeconomic Status

Represents an individual's or group's economic and social position relative to others, based on income, education, and occupation.