Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 25 - Economic Growth - Problems - Page 525: 2

Answer

$10\%$; $2\%$; $1\%$; $0.5\%$

Work Step by Step

Use the Rule of $70$: $\text{Growth rate}=\frac{70}{\text{Years to double}}.$ In $7$ years: $\frac{70}{7}=10\%$ In $35$ years: $\frac{70}{35}=2\%$ In $70$ years: $\frac{70}{7=}=1\%$ In $140$ years: $\frac{70}{140}=0.5\%$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.