If an Economy Is Growing at a Rate of 2

question 32

Multiple Choice

If an economy is growing at a rate of 2.5% per year, how long will it take the economy to double in size?

• A)60 years
• B)43 years
• C)36 years
• D)28 years
• E)19 years

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Definitions:

Formula

A symbolic representation of a principle or a set of mathematical relations, often used to solve problems or to define scientific laws.

Z Test Statistic

A statistic that measures the difference between the observed value and the hypothesized population mean in units of the standard deviation.

Null Hypothesis

Refers to a statement or assumption that there is no difference or effect, used as a starting point for statistical testing to be challenged by the alternative hypothesis.

Level Of Significance

The threshold used in statistical tests to decide whether an observed effect is considered statistically significant.