For a country to double its per capita income every twenty years, it would have to sustain an annual economic growth rate that is equal to: c. 3.5 percent.
Economic development can be defined as a process through which simple, low-income national economies (countries) are able to generate and create wealth extensively, so as to transform them into modern industrial national economies (countries).
GDP per capita is an acronym for gross domestic product and it can be defined as a measure of the total market value of all finished goods and services that are produced within a country per household, over a specific period of time.
According to the World Trade Organization (WTO), a country can only double its per capita income every twenty (20) years by sustaining an annual economic growth rate that is equal to 3.5 percent.
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Complete Question:
For a country to double its per capita income every twenty years, it would have to sustain an annual economic growth rate equal to
a. 1.75 percent.
b. 2 percent.
c. 3.5 percent.
d. 4 percent.
