Suppose in SA, Real GDP/person in 2001 Was R₁8 073

question 14

Multiple Choice

Suppose in SA, real GDP/person in 2001 was r₁8 073 and real GDP/person in 2002 was r₁8 635, what was the growth rate of real output per person over this period?

• A)2.0 per cent
• B)3.1 per cent
• C)18.0 per cent
• D)18.6 percent
• E)5.62 per cent

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Definitions:

Disposable Income

Economic resources that households can utilize for spending and saving actions after income tax deductions.

Savings

The portion of income that is not spent on current expenditures and instead set aside for future use.

Disposable Income

The disposable capital for households' spending and saving endeavors after income taxes.

Consumption

The process of purchasing goods and services to fulfill the needs and wants of individuals.