Real GDP was $9,950 billion in Year 1 and $10,270 billion in Year 2.What was the approximate rate of economic growth from Year 1 to Year 2?
A)1.6 percent
B)2.4 percent
C)3.2 percent
D)4.3 percent

Name: Real GDP was $9,950 billion in Year 1 and $10,270 billion in Year 2.What was the approximate rate of economic growth from Year 1 to Year 2? A)1.6 percent B)2.4 percent C)3.2 percent D)4.3 percent
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Question

Quizplus · Accepted Answer

The rate of economic growth is calculated as ((10,270 - 9,950) / 9,950) * 100 = 3.2 percent.

Real GDP Was $9,950 Billion in Year 1 and $10,270