4.3.16 State whether the following statement is true or false, and explain why I

Question

4.3.16 State whether the following statement is true or false, and explain why If the statement is false, state the true change lf the national economy shrank at an annual rate o 4% per year or three consecutive years, then the economy shrank by 12% over the three year period Choose the correct answer below and, if necessary, fill in the answer box to complete your choice. The statement is false because each year there is a different reference value. The economy actually shrank by Type an integer or decimal rounded to the nearest tenth as needed.) A % over the three-year penod. O B. The statement is true because 3x4% is 12%.

Explanation / Answer

A is correct

the resulting economy measure would be original measure multiplied by (0.96)^3 = 0.8847 so that would be 11.52% shrinkage. ( 1- 0.8847)

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