Using the Rule of 70, If China's Current Growth Rate

question 91

Multiple Choice

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

• A) 35 years
• B) 14 years
• C) 10 years
• D) 49 years

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Definitions:

Marginal Cost

The additional cost incurred to produce one more unit of a good or service.

Marijuana

A psychoactive drug from the Cannabis plant, used for medical or recreational purposes.

Shipment Seized

Refers to the action taken by authorities to take control of goods being transported due to regulatory, legal, or security violations.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, leading to a stable market condition.