According to the "rule of 70," real GDP will double about every 23 years if real GDP grows at ______ per year:

Question

Quizplus · Accepted Answer

The "rule of 70" is a way to estimate the number of years it takes for a quantity to double, given a constant annual growth rate. It is calculated by dividing 70 by the annual growth rate. For real GDP to double in 23 years, the growth rate would be approximately 70/23, which is about 3%.

According to the "Rule of 70," Real GDP Will Double