The Rule of 70 Applies

question 39

Multiple Choice

The Rule of 70 applies:

• A) only to GDP.
• B) only to GDP per capita.
• C) to any growth rate.
• D) only to developed countries.

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Definitions:

Ultimatum Game

The Ultimatum Game is an experimental economics game in which two players decide how to divide a sum of money, with one player making an offer and the other choosing to accept or reject it.

Dictator Game

A behavioral economics experiment where one individual, the "dictator," determines how to split an amount of money between themselves and another participant.

Behavioral Economists

Economic experts examining the role of psychological, emotional, cognitive, cultural, and social influences on the economic decision-making processes of individuals and institutions.

Ultimatum Game

A game in experimental economics where a proposer offers how to divide a sum of money with a responder, who can accept or reject the offer, where rejection means both get nothing.