Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 2%; scenario B has an average annual growth of 8%. The nation's real GDP would double in about
A. 36 years under scenario A, versus 18 years under scenario B.
B. 18 years under scenario A, versus 9 years under scenario B.
C. 36 years under scenario A, versus 9 years under scenario B.
D. 25 years under scenario A, versus 12.5 years under scenario B.
Answer: C
Economics
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Economists proclaim that competitive firms make zero economic profit in the long run. This shows how
A) detached economists are from the real world. B) unrealistic economic theory is. C) firms cover all their cost, both monetary and non-monetary. D) firms cover only monetary cost when economic profits are zero.
Economics