Given the Annual Rate of Economic Growth, the "Rule of 70

question 212

Multiple Choice

Given the annual rate of economic growth, the "rule of 70" allows one to

• A)determine the accompanying rate of inflation.
• B)calculate the size of the GDP gap.
• C)calculate the number of years required for real GDP to double.
• D)determine the growth rate of per capita GDP.

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Definitions:

Biological Forces

Natural and inherent influences on an organism's development and behavior.

Psychological Forces

Internal or external factors that influence the mental states and behavior of an individual, such as motivations, perceptions, emotions, and personality traits.

Social-Cultural Forces

Influences that shape individuals and societies through cultural norms, values, traditions, and social structures.

Predictability And Unpredictability

Concerns the extent to which future events are perceived as being certain or uncertain, affecting behavior and decision-making.