Consider the following data, where GDP values are measured in millions of dollars, to answer the next seven questions:

-What was the growth rate of real GDP from 2011 to 2012?
A) 2%
B) 1%
C) 10%
D) 20%
E) 5%

Question

Consider the following data, where GDP values are measured in millions of dollars, to answer the next seven questions:
 
-What was the growth rate of real GDP from 2011 to 2012?
A) 2% 
B) 1% 
C) 10% 
D) 20% 
E) 5%

Quizplus · Accepted Answer

The growth rate of real GDP from 2011 to 2012 can be calculated using the formula: ((Real GDP 2012 - Real GDP 2011) / Real GDP 2011) x 100%. Plugging in the values, ((12,500 - 11,363) / 11,363) x 100% = 10%. Therefore, the answer is (C) 10%.

Consider the Following Data, Where GDP Values Are Measured in Millions