Nation A's real GDP was $520 billion in 2015 and $550 billion in 2016.Its population was 150 million in 2015 and 155 million in 2016.On the other hand, Nation B's real GDP was $200 billion in 2015 and $210 billion in 2016; and its population was 53 million in 2015 and 55 million in 2016.Which of the following statements is true?

Question

Quizplus · Accepted Answer

Nation A's real GDP growth rate from 2015 to 2016 is (($550 billion - $520 billion) / $520 billion) * 100 = 5.77%. Nation B's real GDP growth rate is (($210 billion - $200 billion) / $200 billion) * 100 = 5%. Therefore, Nation A's real GDP growth is higher than Nation B's.

Nation A's Real GDP Was $520 Billion in 2015 and $550