If, in some European country, real GDP/person in 2011 is €18,073 and real GDP/person in 2012 is €18,635, what is the growth rate of real output per person over this period?
A) 2.0 per cent
B) 3.1 per cent
C) 18.0 per cent
D) 18.6 percent
E) 5.62 per cent

Question

Quizplus · Accepted Answer

The growth rate formula is: [(GDP in year 2 - GDP in year 1) / GDP in year 1] x 100%
Substituting values, we get: [(€18,635 - €18,073) / €18,073] x 100% = 3.1%
Therefore, the growth rate of real output per person over this period is 3.1 percent.

If, in Some European Country, Real GDP/person in 2011 Is