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Chapter 4: Problem 57

Nigeria has a growth rate of 0.025 or \(2.5 \% .\) Describe what this means.

Short Answer

Expert verified
The 0.025 or \(2.5\%\) growth means that Nigeria is increasing at that percentage rate annually.

Step by step solution

01

Understand what growth rate is

A growth rate is a measure, in percentage, of the increase in size or numbers of something over a specific period of time.
02

Interpret the given growth rate

Here the growth rate of Nigeria is stated as 0.025 or \(2.5\%. This means that for whatever entity being measured - be it population, economy, employment rate, etc. - Nigeria is increasing at a rate of 2.5% per year. So, if we start at 100, after one year, the measurement would be 102.5, indicating a 2.5% increase.

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