Productivity and Economic Growth

Growth Rates and the Rule of 70

Productivity and Economic Growth

# Growth Rates and the Rule of 70

1

concept

## Growth Rates and the Rule of 70

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example

## Growth Rates and the Rule of 70

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3

Problem

ProblemUse the information in the table to calculate Growtopia’s average annual growth rate for real GDP and the approximate amount of time it would take for Growtopia’s real GDP to double.

A

Average Growth:2.4% Time to Double:29.2 years

B

Average Growth:3.8% Time to Double:18.4 years

C

Average Growth:5.2% Time to Double:13.5 years

D

Average Growth:7.6% Time to Double:9.2 years