If an Economy Is Growing at a Rate of 2

question 155

Multiple Choice

If an economy is growing at a rate of 2.5 per cent 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

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Definitions:

Rent Revenue

Income generated from leasing out property or equipment to another party.

Direct Method

A way of presenting a cash flow statement where actual cash flows from operating activities are disclosed directly.

IFRS

International Financial Reporting Standards, a set of accounting rules and standards that dictate how financial statements should be reported and are recognized globally.

GAAP

Stands for Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting.