How Much Faster Will a Nation's Real GDP Double If

Question

Examlex · Accepted Answer

The Answer is The answer is based on the rule of 70.A 3 percent increase in the annual rate of growth means that the Real GDP in an economy will double in about 23 years (70/3).If the annual rate of growth is 1.5%, it will take 47 years (70/1.5) for the Real GDP to double.Therefore, at 3% productivity growth, the nation's Real GDP will double 24 years earlier than at 1.5% productivity growth.

How Much Faster Will a Nation's Real GDP Double If

Essay

Correct Answer:
Verified

How Much Faster Will a Nation's Real GDP Double If

Essay

Correct Answer:VerifiedShow Answer

Correct Answer:
Verified