The Growth Rate of Real GDP Equals

question 3

Multiple Choice

The growth rate of real GDP equals

• A)[(real GDP in previous year - real GDP in current year)÷ real GDP in previous year] × 100.
• B)[(real GDP in current year - real GDP in previous year)÷ real GDP in current year] × 100.
• C)[(employment in the current year - employment in previous year)/employment in previous year] × 100.
• D)[(real GDP in current year - real GDP in previous year)÷ real GDP in previous year] × 100.
• E)(real GDP in current year - real GDP in previous year)× 100.

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Definitions:

Agency's Fee

A charge or payment made to an agency for its services, typically a percentage of the contract value.

Voucher Checks

A type of check that includes vouchers detailing the reason for the payment, often used by businesses for record-keeping purposes.

Three-Ring Binder

A folder or notebook containing three metal rings that hold paper sheets or plastic sleeves, allowing for easy removal and addition of documents.

Tax Withholdings

The portion of an employee's wages deducted by the employer and sent to the government as partial payment of income tax, to ensure taxes are paid gradually throughout the year.