Using the Rule of 70, If the Country of Flowerdom's

question 17

Multiple Choice

Using the Rule of 70, if the country of Flowerdom's current growth rate of real GDP per person is 7 percent a year, how long will it take the country's real GDP per person to double?

• A)1 year
• B)2 years
• C)10 years
• D)49 years
• E)7 years

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Definitions:

Invested

The act of allocating money or resources to an endeavor with the expectation of generating income or profit.

Bank

A financial institution licensed to accept deposits, offer loans, and provide other financial services such as currency exchange.

Population Size

The total number of individuals or inhabitants in a specified area or group.

Emigration

Or out-migration, is the outflow of people from one country and their settlement in one or more other countries.