Table 14-1
$$\begin{array} { | c | c | }
\hline \text { Year } & \begin{array} { c }
\text { Real GDP } \
\text { (billions of 2000 } \
\text { dollars) }
\end{array} \
\hline 2010 & \$ 8,700 \
\hline 2011 & 8,875 \
\hline 2012 & 9,000 \
\hline 2013 & 9,280 \
\hline
\end{array}$$
-Refer to Table 14-1.Using the table above,what is the approximate growth rate of real GDP from 2012 to 2013?

Question

Table 14-1
 $$\begin{array} { | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { Real GDP } \
\text { (billions of 2000 } \
\text { dollars) }
\end{array} \
\hline 2010 & \$ 8,700 \
\hline 2011 & 8,875 \
\hline 2012 & 9,000 \
\hline 2013 & 9,280 \
\hline
\end{array}$$
-Refer to Table 14-1.Using the table above,what is the approximate growth rate of real GDP from 2012 to 2013?

Quizplus · Accepted Answer

To find the approximate growth rate, we can use the formula:

Growth rate = (Final Year GDP - Initial Year GDP) / Initial Year GDP x 100

Using the formula with 2012 as the initial year and 2013 as the final year, we get:

Growth rate = (9,280 - 9,000) / 9,000 x 100
Growth rate = 280 / 9,000 x 100
Growth rate = 3.11 (rounded to two decimal places)

Therefore, the approximate growth rate of real GDP from 2012 to 2013 is 3%. The best choice is C) 3%.

Table 14-1 -Refer to Table 14-1