Use the Rule of 72 to Determine How Long It

question 55

Multiple Choice

Use the rule of 72 to determine how long it takes for real GDP to double if real GDP grows at 3% per year.

• A) 12 years
• B) 24 years
• C) 36 years
• D) 72 years

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Definitions:

Preoperational

A stage in Jean Piaget's theory of cognitive development, where children aged 2 to 7 years old engage in symbolic play and struggle with logic and taking the perspective of others.

Sensorimotor

The stage in Piaget's theory of cognitive development (birth to about 2 years) where infants learn about the world primarily through their senses and actions.

Centration

A cognitive limitation in young children's thinking, marked by focusing on one aspect of a situation while neglecting others, characteristic of the preoperational stage.

Conservation Skills

Cognitive abilities that enable a child to understand that quantity or amount does not change when its form or appearance is altered, a concept developed by Jean Piaget.