how do you compute economic growth rates Using the rule of 70, select all of the
ID: 1206871 • Letter: H
Question
how do you compute economic growth rates Using the rule of 70, select all of the following that are true. A country with an annual population growth rate of 2% will double its population in 17.5 years. A job with a starting salary of $50,000 and a guaranteed annual raise of 2% will have a salary of $100,000 in 35 years. If the economic growth rate is 7%, per capita GDP will double in 10 years. If hyperinflation causes a country's price level to double every 2 years, average yearly inflation is 14%. Use the data in the table to compute economic growth rates for the United States from 2008 to 2009. Note that all data is from the end of the year specified. -1.74% -3.52% -0.94% -1.74% -3.52% Select all of the following that are natural resources. Workers Cardboard Trees Hammers Iron oneExplanation / Answer
11. Ans:option 2 & 3
Explanation: The rule of 70 states that in order to estimate the number of years for a variable to double, take the number 70 and divide it by the growth rate of the variable. This rule is commonly used with an annual compound interest rate to quickly determine how long it would take to double your money.
12. 0.91%
Explanation: [(109.61 - 108.62) / 108.62] *100
13. Trees
Iron Ore
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