The 'rule of 70' states that it takes approximately 70 years for a developing economy to become a developed economy once economic growth begins.
Correct Answer:
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Q28: 'Potential GDP' is defined as the:
A)maximum level
Q29: Long-run economic growth:
A)is due to increases in
Q30: Suppose you are a highly regarded international
Q31: If, as economist Alwyn Young has suggested,
Q34: Economic growth depends more on technological change
Q35: Which of the following would not increase
Q36: Which of the following is most likely
Q37: What factors determine labour productivity?
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Q79: Use the rule of 70 to illustrate
Q85: What is potential GDP?
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