The u. s. gdp in 2008 was $14,291.5 billion, and the previous year the gdp was $14,028.7 billion. what was the rate of growth in gdp in 2008

Question

Davian Conway

Business

24 August, 09:48

The u. s. gdp in 2008 was $14,291.5 billion, and the previous year the gdp was $14,028.7 billion. what was the rate of growth in gdp in 2008

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Kassandra Miles · Answer 1

Rate in general is a measure of the speed of change of a quantity. We need to calculate by how much the GDP changed. Taking the difference,

$14,291.5 billion - $14,028.7 billion=$262.8 billion

Then, we see that his change happened over 1 year. Hence, the rate of change (rate of growth since it increases) of GDP is $262.8 billion/1 year = $262.8 billion/year.