Answer to Question #20213 in Microeconomics for moe
if a nations average annual gdp growth rate is 2.5%, based on the rule of 70, how long will it take for the nations real gdp to double
It is also interesting to know the mathematical trick called the rule of 70.& This rule allows us to easily figure out the number of years it would take to double our income (or GDP) at a given interest rate (or rate of growth). &
Number of years to double = 70/rate (either growth or interest). According to rule provided we can calculate: Number of years to double = 70/2.5%=40 years
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