If Real GDP Was $13

question 133

Multiple Choice

If real GDP was $13.1 trillion in 2014 and $13.3 trillion in 2015,what is the growth rate?

• A)2.1 per cent
• B)15.0 per cent
• C)-1.5 per cent
• D)1.5 per cent
• E)$0.2 trillion

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Definitions:

Monetary Policy

The process by which a central bank or monetary authority manages the supply of money and interest rates to achieve macroeconomic objectives such as controlling inflation, consumption, growth, and liquidity.

Fiscal Policy

Government policies concerning taxation and spending that are aimed at influencing macroeconomic conditions, including unemployment, inflation, and economic growth.

Fiscal Policy

Government policies related to taxation and spending aimed at influencing the economy.

MPC

Marginal Propensity to Consume, a metric in economics that measures the proportion of income changes that is spent on consumption.