In 2015, nominal GDP was $250 and real GDP was $200. In 2016, nominal GDP was $360 and real GDP was $240. What is the growth rate of real GDP between 2015 and 2016?
A) 60%
B) 40%
C) 25%
D) 20%
E) none of the above answers

Question

Quizplus · Accepted Answer

The growth rate of real GDP is calculated as ((Real GDP in 2016 - Real GDP in 2015) / Real GDP in 2015) * 100 = ((240 - 200) / 200) * 100 = 20%.

In 2015, Nominal GDP Was $250 and Real GDP Was