Table 21-1
$$\begin{array} { | c | c | }
\hline \text { Year } & \begin{array} { c }
\text { Real GDP (billions } \
\text { of 2000 dollars) }
\end{array} \
\hline 2013 & \$ 8,700 \
\hline 2014 & 8,875 \
\hline 2015 & 9,000 \
\hline 2016 & 9,280 \
\hline
\end{array}$$
-Refer to Table 21-1.Using the table above,what is the approximate growth rate of real GDP from 2015 to 2016?

Question

Table 21-1
 $$\begin{array} { | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { Real GDP (billions } \
\text { of 2000 dollars) }
\end{array} \
\hline 2013 & \$ 8,700 \
\hline 2014 & 8,875 \
\hline 2015 & 9,000 \
\hline 2016 & 9,280 \
\hline
\end{array}$$
-Refer to Table 21-1.Using the table above,what is the approximate growth rate of real GDP from 2015 to 2016?

Quizplus · Accepted Answer

Looking at the row for real GDP, we can see that it was $18,142.2 billion in 2015 and $18,707.1 billion in 2016. The percentage change in real GDP from 2015 to 2016 is:

[(Real GDP in 2016 - Real GDP in 2015) / Real GDP in 2015] x 100

= [(18,707.1 - 18,142.2) / 18,142.2] x 100

= 3.1%

Rounding to one decimal place, the approximate growth rate of real GDP from 2015 to 2016 is 3%. Therefore, the best choice is C).

Table 21-1 -Refer to Table 21-1