Suppose that real GDP for 2017 was $10,000 billion and real GDP for 2018 was $9,500 billion.What is the rate of growth of real GDP between 2017 and 2018?

Question

Quizplus · Accepted Answer

To calculate the rate of growth of real GDP, we use the formula (GDP in year 2 - GDP in year 1) / GDP in year 1 x 100%.

Using this formula, we get ((9,500 - 10,000) / 10,000) x 100% = -5%.

Therefore, the rate of growth of real GDP between 2017 and 2018 is -5%.

The correct answer is choice B.

Suppose That Real GDP for 2017 Was $10,000 Billion and Real