The "Rule of 70" Is a Simple Rule

question 124

Multiple Choice

The "rule of 70" is a simple rule

• A) (70 divided by the growth rate) that approximates the number of years it will take for income to double at various growth rates.
• B) (70 multiplied by the growth rate) that approximates the number of years it will take for income to double at various growth rates.
• C) (70 divided by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP.
• D) (70 multiplied by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP.

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Definitions:

Labour Specialization

The division of labor where individual workers specialize in doing part of a task or job, leading to increased efficiency and productivity.

Specialized Tools

Tools designed for specific tasks or functions, often used to improve efficiency and performance in particular applications.

Labour Costs

Expenses related to compensating employees for their work, including wages, benefits, and any associated taxes.

Equitable Pay

Compensation practices that ensure fair pay for employees based on their role, experience, and performance, regardless of gender, ethnicity, or other irrelevant factors.