Question

Based on data in Table 9-1 and the rule of 70 , if U.S. per capita real GDP continues to grow at the average rate it has experienced since 1990 , about how many years will be required for it to double?

Short answer

$46.67years$will be required for it to double.

Step-by-step solution

Introduction

Economic growth is an expansion in the creation of labour and products in an economy. Expansions in capital products, workforce, innovation, and human resources can all add to financial development.

Explanation

Growth rates of real GDP per capita in various nations:

$Ruleof70=Timetakentodouble$

$=70/growthrate$

$=70/1.5$

$=46.67years$