Suppose that a country has a GDP of 1 trillion dollars in year 1. If the country grows at an average rate of 3 percent per year over a 15-year period, what will its compounded GDP be at the end of that time period?
A) $1.47 trillion
B) $2 trillion
C) $1.33 trillion
D) $1.56 trillion
Correct Answer:
Verified
Q16: Rapid economic growth:
A) is a modern phenomenon,
Q17: In a given year, suppose the nominal
Q18: Real income per person stayed relatively steady:
A)
Q19: Economic growth means:
A) more goods and services
Q20: Total changes in GDP over time are:
A)
Q22: The amount of physical capital in an
Q23: Suppose that a country has a nominal
Q24: Which of the following is an example
Q25: We can tell how much physical capital
Q26: Productivity is generally measured as:
A) output per
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