According to the "Rule of 70," How Many Years Will

question 99

Multiple Choice

According to the "Rule of 70," how many years will it take for real GDP per capita to double when the growth rate of real GDP per capita is 5%?

• A)less than 1 year
• B)5 years
• C)14 years
• D)35 years

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Definitions:

Regional Trade Agreements

Treaties between two or more governments that agree on regional cooperation in trade policies and tariffs, aimed at reducing trade barriers and increasing trade between member countries.

Customs Unions

A type of trade agreement among a group of countries that allows free trade and a common external tariff.

Bilateral Free Trade Agreements

Trade agreements between two countries aimed at reducing or eliminating tariffs, import quotas, and preferences on most (if not all) goods and services traded between them.

Customary International Law

Law that originates from established global practices or norms, recognized as binding among states.