Real GDP Was $9,950 Billion in Year 1 and $10,270

question 3

Multiple Choice

Real GDP was $9,950 billion in Year 1 and $10,270 billion in Year 2.What was the approximate rate of economic growth from Year 1 to Year 2?

• A)1.6 percent
• B)2.4 percent
• C)3.2 percent
• D)4.3 percent

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Definitions:

Profit Center

A separate business unit or department within a company that is responsible for generating its own revenue and profit.

Cost Center

A department within a company that does not directly add to profit but still incurs costs, such as the customer service department.

Managerial Responsibility

The accountability of managers to make decisions and oversee a company's operations to meet its goals.

Cost Controllability

The ability of a manager or business to influence or manage the costs associated with business operations.