Table 11.Growth (in Trillions) Real Year GDP 2015 16.30 2014 16.29 2013 15.92 2012 15.43 2011 15.19 2010 15.00 2009 14.89 Refer to Table 11.Growth. Economic growth rate for 2009 is about O 0.74% O 0.84% O 0.94% O 0.64%

Table 11.Growth (in Trillions) Real Year GDP 2015 16.30 2014 16.29 2013 15.92 2012 15.43 2011 15.19 2010 15.00 2009 14.89 Refer to Table 11.Growth. Economic growth rate for 2009 is about O 0.74% O 0.84% O 0.94% O 0.64%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Economic Growth

It means the rise in the manufacturing levels of a country’s products/services over a while. It is calculated in terms of the real income of the people of the country. When the production of products/services begins, the manufacturers will hire employees, which in turn raises the income of the people and it will also raise the buying power, this eventually leads to the circulation of money that directly helps in the increase in the Gross Domestic Product (GDP). Thus, GDP is calculated by economists to calculate the growth in the country.

Question

Table
11.Growth
(in Trillions)
Real
Year
GDP
2015
16.30
2014
16.29
2013
15.92
2012
15.43
2011
15.19
2010
15.00
2009
14.89
Refer to Table 11.Growth. Economic growth rate for 2009 is about
O 0.74%
O 0.84%
O 0.94%
O 0.64%

Expert Solution

Step 1

Given;

GDP in 2009= 14.89

GDP in 2010= 15.00

Formula to calculate GDP growth:-

$G D P G r o w t h = \frac{C h a n g e i n G D P}{G D P i n p r e v i o u s y e a r} \times 100$

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