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Scenario: Growth Rates
Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year. Real GDP per capita of China is $4,000, and its annual growth rate is 7%.
-(Scenario: Growth Rates) Look at the scenario Growth Rates. How long will it take real GDP per capita of the United States to double?

Question

Quizplus · Accepted Answer

Using the Rule of 70, which estimates the doubling time by dividing 70 by the growth rate, it will take approximately 35 years for the United States' real GDP per capita to double at a 2% growth rate.

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