If Real GDP was $8,742 billion in year 2 and it had been $8,509 billion in year 1,what was the approximate economic growth rate during this time period?
A)9.73 percent
B)2.67 percent
C)3.58 percent
D)2.74 percent

Question

Quizplus · Accepted Answer

The economic growth rate is calculated as ((Real GDP in year 2 - Real GDP in year 1) / Real GDP in year 1) * 100. Substituting the given values: (($8,742 - $8,509) / $8,509) * 100 = 2.74 percent.

If Real GDP Was $8,742 Billion in Year 2 and It