If real GDP grows at an annual rate of 1%, it will double in approximately _____ years.

Name: If real GDP grows at an annual rate of 1%, it will double in approximately _____ years.
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Question

Quizplus · Accepted Answer

The rule of 70 states that if a variable grows at a constant rate of "x" per year, it will double in approximately 70/x years. Therefore, if real GDP grows at a rate of 1% per year, it will double in approximately 70/1 = 70 years.

If Real GDP Grows at an Annual Rate of 1