The average rate of growth for slow-growth countries is around 2% per year, and for fast-growth, greater than 5% per year. 1. Suppose the growth rate of the economy is 2%. The size of the economy roughly doubles every:
a. 5 Years
b. 10 Years
c. 20 Years
d. 35 Years
e. 50 Years or more
2. If instead the growth rate is 7%, the doubling time for the economy is:
a. 5 Years
b. 10 Years
c. 20 Years
d. 35 Years
e. 50 Years or more
3. Economic growth is important to understand because:
a. It is closely tied to standard of living.
b. Growth guarantees that the rich get richer and the poor get poorer.
c. Income equality cannot exist without growth.
d. Understanding economic growth is key to getting a banking job after graduation.

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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