Answer:
1.00%
Explanation:
Nominal GDP increased from 15.62 to 16.09
Change in increment = 16.09-15.62
= 0.47% approximately 0.5%
Which makes it 1.00%
Answer:
1.5%
Explanation:
Nominal GDP increased from $15.62 trillion to $16.09 trillion, and the price level increased from 120.0 to 122.4. The growth rate of real GDP was approximately:
Change in GDP = (16.09 - 15.62)/15.62 = 0.47/15.62 = 3%
Change in Price = (122.4 - 120.0) / 120= 2.4/120 = 2%
Growth in real GDP = 0.03/0.02 = 1.5%
