If Real GDP Grows at a Rate of 6 Percent

question 57

Multiple Choice

If real GDP grows at a rate of 6 percent and population grows at a rate of 2 percent,then real GDP per person grows at a rate of

• A)4 percent.
• B)2 percent.
• C)0.5 percent.
• D)-3 percent.
• E)8 percent.

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Definitions:

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Dishonored

Refers to a financial instrument, such as a check or promissory note, that has not been paid upon presentation because of insufficient funds or other reasons.

Interest Revenue

Income received from investments in bonds, loans, or other interest-bearing instruments, representing the compensation for lending funds or capital.

Maturity Date

The specific date on which the principal amount of a bond, loan, or other financial instrument is scheduled to be repaid.