Slowdonia's current growth rate of real GDP per person is 2 percent a year. How long will it take to double real GDP per person?

Name: Slowdonia's current growth rate of real GDP per person is 2 percent a year. How long will it take to double real GDP per person?
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Question

Quizplus · Accepted Answer

The rule of 70 states that to find the number of years for a variable to double, divide 70 by the annual growth rate. Therefore, 70/2 = 35 years.

Slowdonia's Current Growth Rate of Real GDP Per Person Is