A country that grows at an average rate of 7% will double its living standard every 10 years.

Name: A country that grows at an average rate of 7% will double its living standard every 10 years.
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Question

Quizplus · Accepted Answer

This is known as the rule of 70, where you divide 70 by the average annual growth rate to estimate how long it will take for a country's economy to double. So, in this case, 70 divided by 7 equals 10, meaning the country's living standard will double every 10 years.

A Country That Grows at an Average Rate of 7