In 2007 Freedonia Had a Population of 2700 and Real

question 4

Multiple Choice

In 2007 Freedonia had a population of 2700 and real GDP of about $1 080 000. In 2006 it had a population of 2500 and real GDP of about $1 000 000. What was the approximate growth rate of real GDP per person in Freedonia between 2006 and 2007?

• A)0 percent
• B)2.5 percent
• C)5 percent
• D)7.5 percent

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Definitions:

Adequacy of Consideration

The fairness of the value exchanged in a contract, ensuring that what is received is reasonable compared to what is given.

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A legal principle that prevents a party from going back on a promised commitment, even if a legal contract does not exist, due to the reliance of the other party on that promise.

Creditor's Promise

A declaration made by a creditor, indicating their intention to extend credit to a debtor under agreed terms.