According to the rule of 70, if GDP per person is growing at a rate of roughly 4%, approximately how many years will it take for average income to double?
A)25 years
B)18 years
C)53 years
D)280 years

Question

Quizplus · Accepted Answer

The rule of 70 states that to find the approximate number of years for a variable to double, divide 70 by the annual growth rate. So, if GDP per person is growing at a rate of 4%, it will take approximately 17.5 years (70/4) for average income to double. The closest choice is B, which states 18 years.

According to the Rule of 70, If GDP Per Person