If China's Real GDP Grew from $7 Trillion One Year

question 114

Multiple Choice

If China's real GDP grew from $7 trillion one year to $8 trillion the next year, the annual growth rate would be:

• A) 14.3 percent.
• B) 1.43 percent.
• C) 8 percent.
• D) 12.5 percent.

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Definitions:

Shoes

Footwear items designed to protect and provide comfort to the human foot while performing various activities.

Elasticity of Demand

A measure of how much the quantity demanded of a good changes in response to a change in the price of that good.

Taxes on Gasoline

Government-imposed charges on the sale of gasoline, typically used to fund transportation infrastructure and other public projects.

Tax Revenue

Government income generated from the imposition of taxes.