U.S. real GDP in 2007 was $13.25 trillion and U.S. real GDP in 2008 was $13.31 trillion. What was the economic growth rate of the United States during this period?
A) 18 percent
B) -1.36 percent
C) 0.45 percent
D) 6.9 percent
E) $1.8 trillion
C
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Credit can be described as:
a. money used as a standard of deferred payment. b. savings made available to borrowers. c. fiduciary currency. d. a form of liquid asset. e. bank loans converted into commodity money.
Explain and show graphically how government deficits can "crowd out" private investment
What will be an ideal response?
A distinguishing characteristic of monopolistic competition is that there are many firms in an industry.
Answer the following statement true (T) or false (F)
When the economy is at an above full-employment equilibrium, ________
A) nominal GDP exceeds real GDP B) an inflationary gap exists C) a recessionary gap exists D) real GDP is less than potential GDP