14.(Table: South Korea's Real GDP per Capita) Look at the table South Korea's Real GDP
per Capita. As a percentage of real GDP per capita in 1960, approximately how much did
South Korea produce in 2000?
A)
10%
B)
15%
C)
151%
D)
1,011%

15.(Table: South Korea's Real GDP per Capita) Look at the table South Korea's Real GDP
per Capita. As a percentage of real GDP per capita in 2000, approximately how much did
South Korea produce in 1960?

16.China has much higher rate of growth than the United States, but the average Chinese
household is _____ a typical U.S. household. China's real GDP per capita is _____ that of
the United States.

Page 3

##### We have textbook solutions for you!

**The document you are viewing contains questions related to this textbook.**

**The document you are viewing contains questions related to this textbook.**

Expert Verified

17.U.S. real GDP per capita in 2010 was _____ as much per person as in 1900.

18.Suppose a panel of economists predicts that a nation's real GDP per capita will double in
approximately 20 years. According to the rule of 70, what must be the predicted annual
growth rate of real GDP per capita?
A)
140%
B)
3.5%
C)
2.85%
D)
14%

19.Suppose a panel of economists predicts that a nation's real GDP per capita will have an
average annual growth rate of 2%. According to the rule of 70, how many years will it
take for this nation's real GDP per capita to double?

20.The rule of 70 indicates that a 6% annual increase in the level of real GDP would lead to
the output doubling in approximately _____ years.

21.The rule of 70 states that a variable's approximate doubling time equals:

22.The formula for the rule of 70, where
n
is number of years and
r
is growth rate, is
expressed as:
A)
n
× 70 =
r
B)
n
/
r
= 70.
C)
r
/
n
= 70.
.

Page 4

D)
n
×
r
= 70.
23.The rule of 70 is most useful in:

24.If real GDP grows at an annual rate of 1%, it will double in approximately _____ years.

25.If real GDP grows at an average rate of 3% per year, it will double in approximately
_____ years.

26.If real GDP doubles in 35 years, its average annual growth rate is approximately:
A)
1%.
B)
2%.
C)
3%.
D)
4%.