If nominal GDP is 100,000 and real GDP is 80,000, the GDP deflator is 115

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

If the resources within a nation are not being fully or efficiently utilized, it means:

a. that the nation is operating at a point inside its production possibilities curve. b. that the nation is operating at a point outside its production possibilities curve. c. that the nation is operating at a point along its production possibilities curve. d. that the nation is probably technologically advanced. e. the government of that nation should seize ownership of the resources in order to attain the necessary efficiencies.