In 2009,the Imaginary Nation of Mainland Had a Population of 7,000

question 18

Multiple Choice

In 2009,the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000.In 2010 the population was 7,300 and real GDP of 223,380.Over the year in question,real GDP per person in Mainland grew by

• A)2 percent,which is high compared to average U.S.growth over the last one-hundred years.
• B)2 percent,which is about the same as average U.S.growth over the last one-hundred years.
• C)4 percent,which is high compared to average U.S.growth over the last one-hundred years.
• D)4 percent,which is about the same as average U.S.growth over the last one-hundred years.

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Definitions:

Land Costing

The total expenditure associated with acquiring land, including purchase price, closing costs, and preparation expenses.

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International Financial Reporting Standards, a set of accounting standards providing global framework for preparing financial statements.

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A long-term debt instrument issued by a corporation or government, representing a promise to pay a specified sum of money at a future date along with periodic interest payments.