If Real GDP Grows at an Average Annual Rate of 2.0

question 27

True/False

If real GDP grows at an average annual rate of 2.0% instead of 3.5%, then it would take about 35 years - instead of 20 years - for real GDP to double.

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Definitions:

Unilateral Contract

A contract in which only one party makes a promise or obligation in exchange for an act by the other party.

Invalid Verbal Contract

An oral agreement that lacks enforceability by law, often due to the absence of required elements for a valid contract or due to specific types of agreements that require written form.

Assurance

A formal declaration intended to give confidence or guarantee of certain outcomes or conditions.

Promise

An assurance that one will or will not do something in the future.