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29 November, 08:43

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: (Round to the nearest second decimal.)

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Answers (2)
  1. 29 November, 09:07
    0
    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%
  2. 29 November, 09:11
    0
    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%
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Home » Business » 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: (Round to the nearest second decimal.)
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