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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If Real GDP is $487 billion in year 1 and $498 billion in year 2, what is the economic growth rate?

To determine

Estimate the economic growth rate.

Explanation

If the real GDP value in year 1 is $487 billion and year 2 real GDP is $498, the economic growth rate can be calculated using the following formula:

Economic growth rate=(Real GDP2Real GDP1Real GDP1)×100        (1)

Substitute the respective value in Equation (1) to calculate the value of economic growth rate

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