Explain! a country that grows at an average rate of 5% will double its living standard every 10 years.

a.
false

b.
true

  A.  False

Step-by-step explanation:

Even assuming "growth" translates directly to improvement of standard of living, in 10 years a 5% annual increase will result in an improvement of about 63%, not 100%.

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Standard of living is a complex combination of a number of factors to which the word "growth" may refer. If population grows at that rate, but nothing else changes, then the standard of living will be reduced in 10 years by about 39%.

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As resources on the planet become "used up" or polluted, and time becomes more precious, we are increasingly aware that material goods are not the only contributor to "standard of living." Even if material wealth per person were doubled, that is no assurance that the standard of living has improved at all.

1.05^10 ≈ 1.629 . . . about a 63% increase

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