During 2000 and 2001, nominal GDP in the United States grew by 3.2%, and the rate of inflation was 2.2%. What was the growth rate of real GDP between the two years?

Name: During 2000 and 2001, nominal GDP in the United States grew by 3.2%, and the rate of inflation was 2.2%. What was the growth rate of real GDP between the two years?
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Question

Quizplus · Accepted Answer

The growth rate of real GDP is calculated by subtracting the inflation rate from the nominal GDP growth rate. Therefore, 3.2% - 2.2% = 1%.

During 2000 and 2001, Nominal GDP in the United States