Reference: Ref 6-3 (Table: GDP Data) Using this GDP data, how much did nominal GDP grow between 1995 and 2000?
A) 16 percent
B) -14.5 percent
C) 31.8 percent
D) 13.63 percent

Question

Reference: Ref 6-3 (Table: GDP Data) Using this GDP data, how much did nominal GDP grow between 1995 and 2000?
A) 16 percent 
B) -14.5 percent 
C) 31.8 percent 
D) 13.63 percent

Quizplus · Accepted Answer

Nominal GDP increased from $7,307.8 billion in 1995 to $9,636.5 billion in 2000. To find the percentage increase, we use the formula:

((new value - old value) / old value) x 100

((9,636.5 - 7,307.8) / 7,307.8) x 100 = 31.8%

Therefore, nominal GDP grew by 31.8% between 1995 and 2000.

Reference: Ref 6-3 (Table: GDP Data) Using This GDP Data