If GDP Grows at a Rate of 3% Per Year,approximately

question 247

Multiple Choice

If GDP grows at a rate of 3% per year,approximately how long will it take for GDP to double in size?

• A)12 years
• B)21 years
• C)23 years
• D)35 years

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Definitions:

New Netherland

A 17th-century colonial province of the Dutch Republic that included parts of present-day New York, New Jersey, Delaware, and Connecticut.

Dutch Reformed Church

A Protestant Christian denomination originating in the Netherlands during the Reformation, known for Calvinist theology and significant presence in North America.

New Amsterdam

The 17th-century Dutch settlement that later became New York City, reflecting the early colonial history of the United States.

Mercantilism

An economic theory and practice common in Europe from the 16th to the 18th century, emphasizing national economic interests and the accumulation of wealth through a favorable balance of trade.