Answer:
At the growth rate of 3% per year
Number of years taken to double the GDP = 23.33 years
The the GDP will double ( 23.33 - 20 ) 3.33 years earlier at 3.5% growth rate
Explanation:
According to the rule of 70
Number of years taken to double the GDP = 70 ÷ [ Growth rate ]
Thus,
At the growth rate of 3% per year
Number of years taken to double the GDP = 70 ÷ 3
= 23.33 years
Further
if the growth rate is 3.5% per year
Number of years taken to double the GDP = 70 ÷ 3.5
= 20 years
Hence,
The the GDP will double ( 23.33 - 20 ) 3.33 years earlier at 3.5% growth rate
Answer:the firm should increase price
Explanation:
From the question there is a shortage i.e Demand is greater than Supply, the firm should increase the price of the product which would induce suppliers to increase their supply.
The increase in price would lead to a movement along the demand curve with would in turn correct the disequilibrium.
Answer:
The correct answer is (a)
Explanation:
According to the federal laws earnings from awards or prizes, earning from commission and income form bonus or tips are not exempted from the federal income tax. Likewise, interest earned from state bonds is exempted from federal income tax. IRS the internal revenue service interest in government or federal obligations are not considered for deduction of federal income tax.