The rule of 70 is a simple rule of thumb for:
A)evaluating long-term growth rates.
B)calculating the level of real GDP.
C)finding the sum of all expenditures in the economy.
D)calculating the unemployment rate.

Question

Quizplus · Accepted Answer

The rule of 70 is used to determine the approximate number of years it takes for a variable to double, given its annual growth rate. This is useful in evaluating long-term growth rates in various economic variables such as GDP, population, and investments.

The Rule of 70 Is a Simple Rule of Thumb