If Real GDP Grows at an Average Rate of 3

question 130

Multiple Choice

If real GDP grows at an average rate of 3% per year, it will double in approximately _____ years.

• A)less than 10
• B)20
• C)23
• D)36

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Definitions:

Entrepreneurial Judgment

Entrepreneurial judgment is the decision-making skill entrepreneurs exhibit in identifying, evaluating, and capitalizing on opportunities to create value.

Business Decisions

Choices made by businesses that affect its operations, strategy, and financial performance.

Competitive Price Takers

Firms in a competitive market that accept the prevailing market price and have no power to influence it.

Economic Profits

The excess of a firm's total revenues over its total costs, including both explicit and implicit costs.