If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1,what was the approximate economic growth rate during this time period?
A) 9.7 percent
B) 2.4 percent
C) 3.5 percent
D) 2.6 percent

Question

Quizplus · Accepted Answer

To find the economic growth rate, we need to use the formula: ((Real GDP in Year 2 - Real GDP in Year 1) / Real GDP in Year 1) x 100. Applying this formula, we get ((9542-9300)/9300) x 100 = 2.6%. Therefore, the answer is D) 2.6 percent.

If Real GDP Was $9,542 Billion in Year 2 and It