In this year, Country A has a real GDP per person that is 4 times greater than that of Country B. Country B's growth rate of real GDP per person is 3.5 percent per year
How many years will it take for Country B's real GDP per person to reach the same level that Country A had in this year? A) 10 years
B) 20 years
C) 40 years
D) 60 years
E) 56 years
C
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A wheat farmer sells wheat to a grain broker Chicago. Since the market for wheat is generally considered to be competitive, the wheat farmer maximizes his profit by choosing
a. to produce the quantity at which average variable cost is minimized. b. to produce the quantity at which average fixed cost is minimized. c. to sell its wheat at a price where marginal cost is equal to average total cost. d. the quantity at which the farm's marginal cost of production is equal to the market price.
If a Vulcan importer has to write a 4,000 Vulcan bucks check to cover a $200 purchase from the United States, the exchange rate is
A. 200 Vulcan bucks to a dollar. B. 100 Vulcan bucks to a dollar. C. 20 Vulcan bucks to a dollar. D. 10 Vulcan bucks to a dollar.