Slowdoniaʹs current growth rate of real GDP per person is 1 percent a year. Approximately how long will it take to double real GDP per person?

Name: Slowdoniaʹs current growth rate of real GDP per person is 1 percent a year. Approximately 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 doubling time of a quantity growing at a constant rate, you divide 70 by the growth rate. Here, 70 / 1% = 70 years.

Slowdoniaʹs Current Growth Rate of Real GDP Per Person Is