The current growth rate of real GDP per person is 1 percent a year.How long will it take for real GDP per person to double?

Name: The current growth rate of real GDP per person is 1 percent a year.How long will it take for real GDP per person to double?
Brand: Quizplus
Rating: 4.9 (40 reviews)

Question

Quizplus · Accepted Answer

The rule of 70 states that to approximate the number of years for a variable to double, divide 70 by the annual growth rate of the variable. In this case, 70/1=70, so it will take 70 years for real GDP per person to double.

The Current Growth Rate of Real GDP Per Person Is