The "rule of 70" is a simple rule
A) (70 divided by the growth rate) that approximates the number of years it will take for income to double at various growth rates.
B) (70 multiplied by the growth rate) that approximates the number of years it will take for income to double at various growth rates.
C) (70 divided by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP.
D) (70 multiplied by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP.

Question

Quizplus · Accepted Answer

The rule of 70 is a formula used to approximate the number of years it takes for a certain variable to double based on its growth rate. The formula is 70 divided by the growth rate. For example, if a country's real GDP growth rate is 3%, then it would take approximately 23 years (70/3) for its real GDP to double.

The "Rule of 70" Is a Simple Rule