If the economy's real GDP doubles in 18 years, we can

Name: If the economy's real GDP doubles in 18 years, we can
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Question

Quizplus · Accepted Answer

To find the average annual rate of growth, we can use the rule of 70, which states that the number of years it takes for a variable to double is approximately 70 divided by its annual growth rate (in percent).

Using this rule, we can calculate the annual growth rate as:

70 / 18 = 3.9%

Therefore, we can conclude that the economy's average annual rate of growth is about 3.9 percent.

If the Economy's Real GDP Doubles in 18 Years, We