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Answer the following questions. Instructions: Enter your answer as a whole number. a. A relatively small but steady economic growth rate can create a large change in economic prosperity in a fairly short period of time. This phenomenon is known as (Click to select) b. Using the rule of 70, suppose a person lived to be 70 years old in a country with an average annual growth rate in real GDP per capita of 2 percent. The average income during this person's lifetime would increase by approximately: times.

Answer the following questions. Instructions: Enter your answer as a whole number. a. A relatively small but steady economic growth rate can create a large change in economic prosperity in a fairly short period of time. This phenomenon is known as (Click to select) b. Using the rule of 70, suppose a person lived to be 70 years old in a country with an average annual growth rate in real GDP per capita of 2 percent. The average income during this person's lifetime would increase by approximately: times.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer the following questions. Instructions: Enter your answer as a whole number. a. A relatively small but steady economic growth rate can create a large change in economic prosperity in a fairly short period of time. This phenomenon is known as (Click to select) b. Using the rule of 70, suppose a person lived to be 70 years old in a country with an average annual growth rate in real GDP per capita of 2 percent. The average income during this person's lifetime would increase by approximately: times.
Transcribed Image Text:Answer the following questions. Instructions: Enter your answer as a whole number. a. A relatively small but steady economic growth rate can create a large change in economic prosperity in a fairly short period of time. This phenomenon is known as (Click to select) b. Using the rule of 70, suppose a person lived to be 70 years old in a country with an average annual growth rate in real GDP per capita of 2 percent. The average income during this person's lifetime would increase by approximately: times.
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