Suppose a country's annual growth rate of real GDP per capita is approximately 2%.By which year would the country double its real GDP per capita from $10,000 in 1950 to $20,000?

Question

Quizplus · Accepted Answer

Using the Rule of 70, which states that the doubling time is approximately 70 divided by the growth rate, the doubling time is 70/2 = 35 years. Starting from 1950, the GDP per capita would double by 1985.

Suppose a Country's Annual Growth Rate of Real GDP Per