The table below shows total output for an economy over 3 years.
* millions of dollars
** real GDP measured in millions of 2007 dollars
TABLE 20-7
-Refer to Table 20-7.The growth rate of real output from 2014 to 2015 is

Question

The table below shows total output for an economy over 3 years.
  * millions of dollars
** real GDP measured in millions of 2007 dollars
TABLE 20-7
-Refer to Table 20-7.The growth rate of real output from 2014 to 2015 is

Quizplus · Accepted Answer

To calculate the growth rate of real output from 2014 to 2015, we need to use the formula:

Growth rate = (Real GDP in 2015 - Real GDP in 2014) / Real GDP in 2014 x 100%

Substituting the values from the table, we get:

Growth rate = (12,523 - 12,109) / 12,109 x 100%
= 3.41%

Therefore, the answer is D) 3.41%.

The Table Below Shows Total Output for an Economy Over