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

Understand the principle of promissory estoppel and its exceptions to the consideration requirement.

Analyze the enforceability of promises based on past consideration and moral obligations.

Distinguish between liquidated and unliquidated debts and their implications for consideration.

Understand the legal significance of nominal consideration and its role in contract law.

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Definitions:

MB = MC Decision Framework

A decision-making principle where optimal allocation of resources is achieved when marginal benefit equals marginal cost.

Marginal Benefit Element

The heightened sense of satisfaction or value realized by a consumer upon acquiring another unit of a good or service.

Expected-Rate-of-Return-Curve

A graphical representation showing the range of possible outcomes for the return on an investment and their associated probabilities.

Law of Diminishing Returns

An economic principle stating that if one factor of production is increased while others are held constant, the overall return will eventually decrease after a certain point.