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2 years ago

Under the rule of 70, if the GDP per capita growth rate in the United States is 2.3%, standards of living double every:

1 answer:

8 0

Under the rule of 70, if the GDP per capita growth rate in the United States is 2.3%, standards of living double every 70/2.3 = 30.43 years.

<h3>What is Gross Domestic Product (GDP)?</h3>

The term "Gross Domestic Product," or GDP, refers to the total monetary worth of all finished goods and services produced (and marketed) within a nation within a specific time period (typically 1 year).

GDP Growth Rate:

The GDP growth rate compares the most recent quarter or year to the preceding one and represents the percentage change in real GDP (GDP adjusted for inflation) from one period to the next.
A positive or negative number may be used (negative growth rate, indicating economic contraction).

GDP per capita:

By dividing nominal GDP by a nation's entire population, one can get GDP per capita.
It conveys the nation's average economic output (or income) per person.
The population figure corresponds to the year's median (or mid-year) population.

The price deflator, a statistical tool, is used to convert nominal GDP to constant prices.

To know more about Gross domestic product (GDP), here

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2 years ago

"SMART" goals stands for: A. Specific, measurable, attainable, results-oriented, and time bound B. Specific, merit-based, accept

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SMART are five steps in setting a business goal, S means specific, M means measurable A means Attainable / Achievement, R means Realistic/ Result Oriented, T means Time based

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Measurable : This established the basis for measuring the level of progress towards the accomplishment of the goal.when a goal is measured, it enables the goal setter to stay on track to reach the target goal.it spurs the goal setter to continue the effort required to accomplish the goal. In measuring a goal questions such as how much? how many? how will I know when it is accomplished? must be answered.

Attainable : When a business goal is identified, it is important to begin to figure out ways to achieve the goal. The goal setter has to develop the attributes, abilities, skills,and the financial capacity to reach the goal. The goal can be attainable, when the goal setter plan the step wisely and also established a framework that allows the carrying out of the steps so outlined.

Realistic / Result Oriented : The business goal can be realistic or result oriented, when such a goal represents objective ahead which the goal setter are both willing and able to work towards. A goal can be both high and realistic, the goal setter is the one to decide just how high the goal is to know the substantial progress that had been made.

Time based: A goal should be within a specified time frame within which when such a goal is expected to have been accomplished.

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3 years ago

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3 years ago

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2 years ago

17) Two commonly used techniques to aid managers with important decisions for setting a direction and allocating resources inclu

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Option b: business portfolio; diversification

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