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How Long Will It Take Whitby's Population to Grow from 125

question 24

Essay

How long will it take Whitby's population to grow from 125 000 (in 2013) to 200 000, if the annual growth rate is 3%? Round your answer to the nearest month.


Definitions:

Monetary Policy

Actions of a central bank, currency board, or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates.

MPC

Marginal Propensity to Consume, the proportion of an increase in income that gets spent on consumption.

Multiplier Effect

The phenomenon where an initial increase in spending leads to a larger increase in income and consumption within the economy.

Net Exports

The value of a country's total exports minus its total imports, representing the net trade balance.

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