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Scenario: Growth Rates in Two Countries
India is growing at a rate of 9% per year, and its real GDP per capita is about $3,500, while the United States is growing at a rate of 3% per year, and its real GDP per capita is about $47,000.
-(Scenario: Growth Rates in Two Countries) Look at the scenario Growth Rates in Two Countries. How long will it take the United States to double its real GDP per capita?

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Quizplus · Accepted Answer

To calculate the number of years it takes for a country to double its real GDP per capita, we can use the rule of 70, which states that the number of years it takes for a variable to double is approximately equal to 70 divided by its annual growth rate. For the United States, the calculation would be 70/3, which equals approximately 23.3 years.

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