Question 3 3. As discussed in Chapter 10, real GDP per capita in the United States...

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Question 3

business economics

Answer 1

Answer #1

ANSWER:

Rule of 70:

number of years = 70 / growth rate = 70 / 1.9 = 36.84

so it will take 36.84 years for real gdp per capita to double from 2014 when the growth rate is 1.9%

number of years = 70 / growth rate = 70 / 2.2 = 31.81

so it will take 31.81 years for real gdp per capita to double from 2014 when the growth rate is 2.2%

Answer 2

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