Use the Following to Answer Questions

question 106

Multiple Choice

Use the following to answer questions
Figure: Economic Growth in Major World Regions
-If real GDP per capita in the United States is currently $50,000 and grows at 2.5% per year,it will take approximately how many years to reach $200,000?

• A) 28 years
• B) 56 years
• C) 84 years
• D) 112 years

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Definitions:

Industry Expanding

A phase where the sector's businesses are growing in terms of production, workforce size, or market reach.

Production Facilities

Physical locations designed and equipped for the production of goods or services.

Raw Materials

The basic, unprocessed inputs used in manufacturing or production processes to create goods and products.

Normal Profits

The level of profit that is necessary for a business to remain competitive in the market, typically equal to the opportunity cost of the capital employed.