GDP in a Country Grew from $10 Billion to $14

question 4

Multiple Choice

GDP in a country grew from $10 billion to $14 billion over the span of 5 years.The percentage change in GDP was

• A)4%.
• B)7%.
• C)10%.
• D)40%.

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Definitions:

GAAP

Generally Accepted Accounting Principles, which are a collection of commonly followed accounting rules and standards for financial reporting.

Quarterly Income

The net income earned by a company during a three-month period, typically reported in quarterly financial statements.

Operating Segments

Components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity's chief operating decision maker.

Financial Reporting

The process of disclosing financial results and related information to stakeholders and the public, typically through formal documents.