If a country's GDP in 1950 was $25,000 and it had a continual rate of economic growth of 2 percent, its GDP would not grow to $50,000 until the year 2000.

Question

Quizplus · Accepted Answer

Using the rule of 72 with a continual rate of economic growth of 2 percent, we can find that it would take approximately 35 years for the GDP to double. Therefore, the GDP would reach $50,000 in the year 1985, not 2000.

If a Country's GDP in 1950 Was $25,000 and It