Slowdonia's 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?

Question

Quizplus · Accepted Answer

Using the Rule of 70, which states that the doubling time in years is approximately 70 divided by the annual growth rate, it will take about 70 years to double real GDP per person at a growth rate of 1 percent per year.

Slowdonia's Current Growth Rate of Real GDP Per Person Is