Suppose That Real GDP for 2017 Was $10,000 Billion and Real

question 212

Multiple Choice

Suppose that real GDP for 2017 was $10,000 billion and real GDP for 2018 was $11,000 billion.What is the rate of growth of real GDP between 2017 and 2018?

• A)1%
• B)2%
• C)5%
• D)10%

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Definitions:

Agricultural Policy

A set of laws and regulations adopted by a government to control the agricultural sector's market, including prices, subsidies, and support for farmers.

Exchange Rate

The price at which the currency of one country can be exchanged for the currency of another country.

Bushel of Corn

A unit of measure for volumes of dry commodities, used especially for grain, equivalent to approximately 35.24 liters.

Price Support Program

A government policy aimed at maintaining the market price of a good at a certain level to ensure that producers receive a minimum income from their products.