Slowdonia's current growth rate of real GDP per person is 1 percent a year. How long will it take to double real GDP per person?

Question

Quizplus · Accepted Answer

To find out how long it will take for real GDP per person to double, we need to use the rule of 70. Dividing 70 by the annual growth rate of 1 percent gives us the number of years it will take for real GDP per person to double, which is 70 years.

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