Question

using the rule of 70, if china's current growth rate of real gdp per person was 7 percent a year, how long would it take the country's real gdp per person to double? years

Answer 1

According to the given information, It would take 10 years the country's real GDP per person to double.

The rule of 70 informs us that, while measuring time, a quantity is doubled dependent on its rate of growth.

Number of years to double=70/Annual rate of return%=70/7=10 years

∴ Real GDP per person in the nation would have to double within ten years.

• A country's gross domestic product (GDP) is the sum of the market values of all the finished products and services produced within its borders during a certain time period. It serves as a thorough assessment of a particular country's economic health as a wide indicator of entire domestic production.
• While GDP is frequently estimated on an annual basis, it is also occasionally calculated on a quarterly basis. In the United States, for instance, the government produces an annualized GDP estimate for both the calendar year and each fiscal quarter. Since each set of data in this report is presented in actual terms, price changes are taken into account and the data is therefore net of inflation.

Learn more about GDP, here

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