Question
Asked Oct 8, 2019
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In a country, if the growth rate of RGDP per person is 5%, how long it will take to double its RGDP per person?

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Expert Answer

Step 1

The value of economic output can be measures by RGDP and which is adjusted for inflation or deflation.

Step 2

If the growth rate of RGDP per person is 5%, we can find the number of years take to double the RGDP per person by using Rule of 70. Rule of 70 is the estimation of number of ...

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70 Number of years Growth rate 70 5 14

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