If GDP Grows at a Rate of 3% Per Year,approximately

question 247

Multiple Choice

If GDP grows at a rate of 3% per year,approximately how long will it take for GDP to double in size?

• A)12 years
• B)21 years
• C)23 years
• D)35 years

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Definitions:

Government Policies

Strategies and actions taken by the government to influence the economy or address societal issues.

Simplifying Assumptions

Basic assumptions made in economic models to eliminate complex factors and make analysis more manageable, even if they might not fully hold in the real world.

Economic Models

Theoretical constructs that represent economic processes by a set of variables and a set of logical and/or quantitative relationships between them.

Policies

Guidelines or principles adopted by an organization, government, or individual to guide decision-making and achieve desired outcomes.