If output per capita grows by a constant 3% per year,then the standard of living would grow by about ________ over 4 years.
A)13%
B)14%
C)15%
D)16%
E) 17%

Question

Quizplus · Accepted Answer

The standard of living would grow by about 13% over 4 years if output per capita grows by a constant 3% per year. This is because the standard of living is a measure of the average level of well-being of a population, and it is typically measured by factors such as income, health, and education. If output per capita grows by 3% per year, then the average level of well-being will also grow by 3% per year. Over 4 years, this would result in a total growth of about 13%.

If Output Per Capita Grows by a Constant 3% Per