Homework Answers
Given Information
|
Goods |
2017 (Base Year) |
2018 |
2019 |
||||
|
Price |
Price |
Quantity |
Price |
Quantity |
|||
|
A |
2 |
4 |
110 |
5 |
110 |
||
|
B |
10 |
10 |
205 |
15 |
239 |
||
What is the growth rate of real GDP from 2018 to 2019?
Real GDP = Quantity of currant year * Price of the base year
Real GDP of 2018
|
Goods |
2018 |
||
|
Price of base year |
Quantity |
Cost |
|
|
A |
2 |
110 |
220 |
|
B |
10 |
205 |
2050 |
|
Real GDP |
2270 |
||
Real GDP of 2019
|
Goods |
2019 |
||
|
Price of base year |
Quantity |
Cost |
|
|
A |
2 |
110 |
220 |
|
B |
10 |
239 |
2390 |
|
Real GDP |
2610 |
||
Growth Rate of real GDP = (Real GDP of 2019 – Real GDP of 2018) ÷ Real GDP of 2018 * 100
Growth Rate of real GDP = (2610 – 2270) ÷ 2270 * 100
Growth Rate of real GDP = 14.98%
Answer = 14.98
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