The Table Below Shows Total Output for an Economy Over

question 70

Multiple Choice

The table below shows total output for an economy over 3 years.
* millions of dollars
** real GDP measured in millions of 2007 dollars
TABLE 20-7
-Refer to Table 20-7.The growth rate of real output from 2014 to 2015 is

• A)1.03%.
• B)1.84%.
• C)3.25%.
• D)3.41%.
• E)4.27%.

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Definitions:

Unregulated Market

A market where economic activities are freely carried out without governmental intervention in terms of prices, production, and distribution.

Shortage

A situation where the demand for a product or service exceeds the supply available at a specific price.

Product

Any good, service, or idea that can be offered to a market to satisfy a want or need.

Excess Supply

A situation where the quantity of a good or service supplied is greater than the quantity demanded at the current price.