Using the Rule of 70, Calculate Approximately How Many Years

question 5

Short Answer

Using the rule of 70, calculate approximately how many years it would take for a country's real per-capita GDP to double if the growth rate is:
a.one per cent
b.two per cent
c.3.5 per cent
d.10 per cent
e.14 per cent

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Definitions:

Total Manufacturing Costs

The aggregate cost of direct material, direct labor, and manufacturing overhead incurred in the production process.

Product Cost

The total amount of costs associated with creating a product, including raw materials, labor, and overhead expenses.

Period Cost

Expenses that are incurred regardless of production levels, including selling, administrative, and other operating expenses.

Manufacturing Company

A type of business that produces finished goods from raw materials through the use of machinery and labor.