Macroeconomics Study Set 48
Quiz 9: Long-Run Economic Growth
According to the Rule of 70, If a Country's Real
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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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.
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.
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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