In Olliestan the economic growth of real GDP per person averages 5 percent per year. The Rule of 70 suggests that real GDP per person will double in 14 years.

Question

Quizplus · Accepted Answer

Using the Rule of 70, we can calculate that it will take approximately 14 years for real GDP per person to double at a growth rate of 5 percent per year. Therefore, the statement is true.

In Olliestan the Economic Growth of Real GDP Per Person