Suppose Per Capita Real GDP Grows by 2% Per Year

question 93

Multiple Choice

Suppose per capita real GDP grows by 2% per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double (i.e., increase by 100%) ?

• A) 3.5 years
• B) 20 years
• C) 35 years
• D) 70 years

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Definitions:

Charter

A charter is a legal document that establishes a corporation or municipality, outlining its rights, privileges, and operations.

Promoters of a Corporation

Individuals or entities involved in the creation and organization of a corporation, including raising capital and completing legal formalities before registration.

Formal Documents

Official papers that follow a specific format or standard, often used for legal, official, or ceremonial purposes.

Solicit Capital

The act of requesting funding or investment from individuals or organizations, typically for business operations or projects.