If GDP Is Currently $13 Trillion and Is Growing at a Rate

question 221

Multiple Choice

If GDP is currently $13 trillion and is growing at a rate of 2.3% per year,how long will it take GDP to reach $26 trillion?

• A)about 15 years
• B)about 17 years
• C)about 25 years
• D)about 30 years

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Definitions:

Statement of Income and Expense

A financial document that summarizes revenue and expenses over a specific period, showing net profit or loss.

Profitability

The financial metric that measures the degree to which a business or activity yields profit or financial gain.

Quarterly Return

The Employer’s Quarterly Federal Tax Return, a form submitted to the IRS every 3 months that summarizes the federal income and employment taxes withheld from employees’ paychecks.

Revenue

The total income generated from goods sold or services provided by a business, which can be before or after any deductions are made.