If per capita real income grows by 2 percent per year, then it will double in approximately 20 years

Question

Question

O True

O False

Answer 1

Answer #1

Answer is false, option b

Using rule of 70, if growth rate is r ( in % )

Then approximate time of doubling is 70/r

= 70/2 = 35 years

So 35 years needed to get per capita real income to get doubled

Answer 2

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