A Country's GDP (In Billions) Was $5,690 in 2010 and $5,899

question 155

Multiple Choice

A country's GDP (in billions) was $5,690 in 2010 and $5,899 in 2011. What is the growth rate of GDP?

• A) 1.03%
• B) 3.54%
• C) 3.67%
• D) 9.64%

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Definitions:

Decrease in Supply

A situation where the quantity of a good or service that producers are willing to offer for sale at a given price level decreases.

Decrease in Demand

A reduction in the quantity of a good or service that consumers are willing and able to purchase at a given price range.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to buy.