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:

Workforce Reduction

The process of decreasing the number of employees in an organization through layoffs, attrition, or other methods, often for cost-cutting measures.

Layoffs

The process of dismissing staff members, frequently because of financial declines, changes in the organizational structure, or efforts to reduce expenses.

Labour Force Participation

The proportion of the working-age population that is engaged in or seeking employment.

Workforce

The collective group of employees or labor force of an organization or economy.