Table 12-A -Refer to Table 12-A

question 35

Multiple Choice

Table 12-A
$$\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Growth Rate } \\\text { (\%) }\end{array} & \begin{array} { c } \text { Years to double } \\\text { econony }\end{array} \\\hline \text { Nation A } & ? & 14 \\\hline \text { Nation B } & 10 & ? \\\hline \text { Nation C } & ? & 35 \\\hline \text { Nation D } & 7 & ? \\\hline\end{array}$$
-Refer to Table 12-A.Nation B is expected to double its output in:

• A)5 years.
• B)7 years.
• C)10 years.
• D)14 years.

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Definitions:

Supply Function

An economic formula that shows the relationship between the quantity of a good supplied and its price, often influenced by production costs and market competition.

Supply Function

A mathematical relationship that describes the quantity of a good or service that producers are willing to sell at various prices.

Demand Function

A mathematical equation representing the relationship between the quantity demanded of a good and factors affecting its demand, such as price.

Inverse Demand

A representation of demand that expresses price as a function of quantity demanded, contrary to the typical demand function.