Suppose an economy’s real GDP is $700 billion in year 1 and $718 billion in year 2. What is the growth rate of its GDP?
Please provide the best answer for the statement.
[($700 ? $718)/($700)] = .0257. In percentage terms, the growth rate is 2.57%.
Economics
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When a group of countries agree to share a common currency, they are said to have formed a
A) currency union. B) welfare state. C) monetary alliance. D) monetary cartel.
Economics
The price charged by a monopolist is socially inefficient because the price
A) exceeds the true marginal cost of the resources used. B) is less than the opportunity cost of the resources used. C) puts the monopolist into a higher tax bracket. D) is too low.
Economics