The table below gives economic data for the small island economy of St. Artie's. All data was computed at the end of each year. Year GDP Deflator Nominal GDP 2017 100 2,000,000 2018 110 2,090,000 2019 115 2,190,000 2020 121 2,400,00 What was the Real GDP growth rate between the end of 2017 and the end of 2018
The table below gives economic data for the small island economy of St. Artie's. All data was computed at the end of each year. Year GDP Deflator Nominal GDP 2017 100 2,000,000 2018 110 2,090,000 2019 115 2,190,000 2020 121 2,400,00 What was the Real GDP growth rate between the end of 2017 and the end of 2018
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The table below gives economic data for the small island economy of St. Artie's. All data was computed at the end of each year.
Year | GDP Deflator | Nominal GDP |
2017 | 100 | 2,000,000 |
2018 | 110 | 2,090,000 |
2019 | 115 | 2,190,000 |
2020 | 121 | 2,400,00 |
What was the Real GDP growth rate between the end of 2017 and the end of 2018?
Group of answer choices
4.5%
10%
-5%
-10%
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