Online Retail Sales Stood at $23

question 168

Multiple Choice

Online retail sales stood at $23.5 billion for 2000. For the next 2 years, they grew by 33% and 27.6% per year, respectively. For the next 6 years, online retail sales are projected to grow at 30.2%, 19.8%, 24.9%, 13.8%, 17.4%, and 10.4% per year, respectively. What are the projected online sales for 2008?

• A) billion
• B) billion
• C) billion
• D) billion
• E) billion

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Definitions:

Specialization

The process of focusing effort and resources on a specific task or area of production to increase efficiency and expertise.

Trade

The exchange of goods, services, or both within or between countries.

Invisible Hand

A metaphor for the self-regulating nature of the marketplace that guides individuals to unintentionally benefit society through the pursuit of their own interests.

Adam Smith

An 18th-century Scottish economist and philosopher best known for his theories on free market economies and the invisible hand concept.