If a Country's Initial Real GDP Is $60,000 and Its

question 147

Multiple Choice

If a country's initial real GDP is $60,000 and its annual growth rate is 5%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP.

• A) 70 years
• B) 20 years
• C) 14 years
• D) 12 years

---

Definitions:

Concrete Operational

Concrete operational stage is a phase in Piaget's theory of cognitive development, where children gain the ability to think logically about concrete, physical objects and events.

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding over the course of a human life.

Formal Operations

The stage in Piaget's theory of cognitive development, typically beginning around age 12, characterized by the ability to think abstractly and logically.

Systematic Solutions

Methodical and well-organized approaches to solving problems or addressing issues.