Question

Suppose that real GDP for 2017 was $10,000 billion and real GDP for 2018 was $11,000 billion. What is the rate of growth of real GDP between 2017 and 2018?

Group of answer choices

1%

2%

5%

10%

Answer 1

Answer

rate of growth =(( amount of the year -the amount of last year)/amount of last year)*100

rate of growth of real GDP =(( RGDP of the year -RGDP of last year)/RGDP of last year)*100

=((11,000 -10,000 )/10,000 )*100

=10%

Option 4