The average rate of growth for slow-growth countries is around 2% per year, and for fast-growth, greater than 5% per year. 1. Suppose the growth rate of the economy is 2%. The size of the economy roughly doubles every 10 years.
a) 50 years or more.
b) 20 years.
c) 35 years.
d) 5 years.

2. If instead the growth rate is 7%, the doubling time for the economy is 50 years or more.
a) 35 years.
b) 10 years.
c) 20 years.
d) 5 years.