The Rule of 70 Is Used to

question 31

Multiple Choice

The Rule of 70 is used to

• A)estimate how much of an economy's growth rate is attributable to increases in capital per hour of labour.
• B)calculate the standard of living.
• C)calculate the economy's growth rate.
• D)estimate how long it will take the level of any variable to double.
• E)estimate how much of an economy's growth rate is attributable to technological advance.

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Definitions:

Performance

Execution or completion of duties or tasks as required or agreed upon in a contract.

Material Breach

A significant failure to perform a part of a contract that permits the other party to either demand performance or terminate the agreement.

Buyer's Obligations

The duties and responsibilities a buyer assumes in a transaction, such as paying the purchase price and complying with the terms of the agreement.

Contract

An agreement between two or more parties creating enforceable obligations.