If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the approximate economic growth rate during this time period?
A. 9.7 percent
B. 2.4 percent
C. 3.5 percent
D. 2.6 percent
Ans: D. 2.6 percent
Explanation:
Growth rate = {( GDP for the year 2 - GDP for the year 1 ) / GDP for the year 1 } *100
= { (9542 - 9300)/ 9300} *100
= ( 242 / 9300 ) *100
= 0.0260 *100
= 2.60 or 2.6
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