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
Answer: C
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Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet of land and 1 worker. This year she doubled her land to 500 square feet, doubled her workers to 2, and grew 4,500 pounds of herbs
She sells her rare, organic herbs for $50 a pound. She pays her workers $25,000 a year and rents her land for $100 per square foot for a year. These are her only costs. a) What was Ayanna's total cost last year and this year? b) What was Ayanna's average total cost last year and this year? c) Did Ayanna experience economies or diseconomies of scale?
A shift in the demand curve to the right represents
A) an increase in demand. B) a decrease in demand. C) an increase in quantity demanded. D) a decrease in quantity demanded.
Which of the following is TRUE?
a. Purchase a supplier as long as the supplier is profitable b. Purchasing a profitable customer would lead to an increase in profits c. Purchasing a profitable supplier may not necessarily increase your profits d. Purchasing a profitable supplier is a bad idea and would lead to decreased profits
If Gary has budget constraint A, and the price of milk is $3 a gallon, what is Gary's income?
This graph shows three different budget constraints: A, B, and C.
A. $9
B. $27
C. $12
D. Cannot answer this without knowing the price of soda.