If real GDP was $14 trillion last year and is $16 trillion this year, what is the growth rate?

Name: If real GDP was $14 trillion last year and is $16 trillion this year, what is the growth rate?
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Question

Quizplus · Accepted Answer

To find the growth rate, we can use the formula: ((new value - old value)/old value) x 100%. Substituting the given values, we get: ((16 trillion - 14 trillion)/14 trillion) x 100% = 14.28%, which is closest to choice C, 14 percent.

If Real GDP Was $14 Trillion Last Year and Is