If a county has a growth rate of approximately 0.7 percent each year, it will take about:
A) 49 years for its output to double, but only take about 23 years to double if its growth rate was 3 percent per year.
B) 100 years for its output to double, but only take about 23 years to double if its growth rate was 3 percent per year.
C) 49 years for its output to double, but only take about 10 years to double if its growth rate was 3 percent per year.
D) 100 years for its output to double, but only take about 49 years to double if its growth rate was 3 percent per year.
Correct Answer:
Verified
Q69: Recall Application 4, "Growth Accounting and Information
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