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Chapter 19: Q.32 (page 473)

Use the Rule of 72 to estimate how long it will take for India, Spain, and South Africa to double their standards of living.

Short Answer

Expert verified

The formula used to compute the approximate time by rule 72 is as follows :

Estimate Time=72GDP per capita growth

Step by step solution

01

Concept introduction 

The rule 72 may be a concept which supplies how to get an estimation of approximate time within which the standards i.e. income are often doubled of a rustic.

02

Explanation of Solution

The data provided below is taken from the link of The World Bank database in respect to India, Spain, and South Africa:

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Using the data in Table 19.3, rank the seven regions of the world according to GDP and then according to GDP per capita

Region
Population (in millions)
GDP Per Capita
GDP = Population 脳 Per Capita GDP (in millions)
East Asia and Pacific2,006\(5,536\)10,450,032
South Asia1,671\(1,482\)2,288,812

Sub-Saharan Africa936.1\(1,657\)1,287,650

Latin America and Caribbean588\(9,536\)5,339,390

Middle East and North Africa345.4\(3,456\)1,541,900

Europe and Central Asia272.2\(7,118\)1,862,384

Table 19.3 GDP and Population of Seven Regions of the World
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