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:

Authority-And-Responsibility Principle

The principle that authority should equal responsibility when work is delegated.

Supervisor

An individual in a position of authority who oversees and directs the work of others to ensure tasks and objectives are completed effectively.

Subordinate

An employee who reports to a supervisor or manager, typically responsible for following directives and completing tasks assigned by their superior.

Paul Lawrence

Paul Lawrence was a renowned professor at Harvard Business School, known for his contributions to organizational behavior and the human relations movement.