Suppose some hypothetical economy has experienced an annual growth rate of 4%. Top economists have identified several policies that will increase the growth rate. In order to convince government officials of the importance of their plan, they intend to compare the number of years it will take for the economy to double, based on different growth rates. Using the rule of 70, determine the number of years it will take the economy to double at each growth rate. Growth Rate (Percent) 4 5 6 Years Required to Double (Nearest whole number of years) 000

Suppose some hypothetical economy has experienced an annual growth rate of 4%. Top economists have identified several policies that will increase the growth rate. In order to convince government officials of the importance of their plan, they intend to compare the number of years it will take for the economy to double, based on different growth rates. Using the rule of 70, determine the number of years it will take the economy to double at each growth rate. Growth Rate (Percent) 4 5 6 Years Required to Double (Nearest whole number of years) 000

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 5P

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Similar questions

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