Suppose That a Panel of Economists Predicts That a Nation's

question 164

Multiple Choice

Suppose that a panel of economists predicts that a nation's real GDP per capita will have an average annual growth rate of 2%. According to the rule of 70, how many years will it take for this nation's real GDP per capita to double?

• A) 35
• B) 70
• C) 140
• D) 20

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Definitions:

Reasonable Commercial Standards

A set of accepted, practical criteria that guide business conduct and transactions within a particular industry.

Good Faith

A principle that denotes honesty, fairness, and sincerity in the intentions and actions of parties involved in an agreement or transaction, without the intention to deceive or defraud.

Non-merchants

Individuals or entities engaged in transactions who do not regularly deal in goods of the kind sold, thus not considered a merchant under the Uniform Commercial Code.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions between states, ensuring consistency and predictability in business dealings.