If the real GDP per capita in 2014 is $36,000 and in 2015 it is $37,800,what is the economic growth rate?

Name: If the real GDP per capita in 2014 is $36,000 and in 2015 it is $37,800,what is the economic growth rate?
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Question

Quizplus · Accepted Answer

Economic growth rate = ((Real GDP per capita in 2015 - Real GDP per capita in 2014) / Real GDP per capita in 2014) x 100
= ((37,800 - 36,000) / 36,000) x 100
= (1,800 / 36,000) x 100
= 0.05 x 100
= 5.00%
Therefore, the economic growth rate is 5.00%, which is closest to option B.

If the Real GDP Per Capita in 2014 Is $36,000