Table 14-1 -Refer to Table 14-1

question 71

Multiple Choice

Table 14-1
$$\begin{array} { | c | c | } \hline \text { Year } & \begin{array} { c } \text { Real GDP } \\\text { (billions of 2000 } \\\text { dollars) }\end{array} \\\hline 2010 & \$ 8,700 \\\hline 2011 & 8,875 \\\hline 2012 & 9,000 \\\hline 2013 & 9,280 \\\hline\end{array}$$
-Refer to Table 14-1.Using the table above,what is the approximate average annual growth rate from 2010 to 2013?

• A)1%
• B)1.5%
• C)2%
• D)3%

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Definitions:

Partnership

A partnership is a legal business structure where two or more individuals share ownership, responsibilities, and profits or losses of the business.

Corporation

A legal entity that is separate and distinct from its owners, with rights to enter into contracts, loan and borrow money, sue and be sued.

Not-for-Profit

Organizations or institutions that do not operate for the purpose of making a profit but rather for a public benefit or a specific cause.

Profit Maximization

The process by which a firm determines the price and output level that returns the greatest profit.