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Macroeconomics Study Set 48
Quiz 9: Long-Run Economic Growth
According to the Rule of 70, If a Country's Real
Question 41
Multiple Choice
According to the rule of 70, if a country's real GDP per capita grows at an annual rate of 2% instead of 3%, it will take _____ additional years for that country to double its level of real GDP per capita. A) 35 B) 11.67 C) 23.3 D) 30
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Related questions
Q 42
To find the approximate number of years it takes the economy to double: A) divide its growth rate by 70. B) divide 70 by its growth rate. C) divide its growth rate by 100. D) multiply its growth rate by 20.
Q 43
According to the rule of 70, if real GDP per capita is growing at 2% a year, in 100 years it will have increased by: A) about 4 times. B) about 7 times. C) almost 30 times. D) almost 60 times.
Q 44
The Rule of 70 applies: A) only to GDP. B) only to GDP per capita. C) to any growth rate. D) only to developed countries.
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