Use the Rule of 70 to Calculate How Long It

question 27

Essay

Use the rule of 70 to calculate how long it would take for an economy's real GDP per capita to double if its growth rate is:
(a) 1 percent
(b) 2 percent
(c) 3 percent
(d) 7 percent
(e) 10 percent

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Definitions:

Left-hand Generator Rule

A rule that predicts the direction of induced current flow in a generator's conductor moving perpendicular to a magnetic field, using the left hand to demonstrate orientation.

Inductors

Electrical components that store energy in a magnetic field when electric current flows through them, typically used in filters and chokes.

Inductance

The property of an electrical conductor that causes it to oppose a change in the current flowing through it, stored in the magnetic field created by the current.

Henry

The SI unit of inductance, defined as the inductance in a circuit when an electromotive force of one volt is produced by a current changing at one ampere per second.