If Real GDP in Year 1 Is $72 Million and Real

question 65

Multiple Choice

If real GDP in year 1 is $72 million and real GDP in year 2 is $87 million, then the growth rate of real GDP is

• A) 15 per cent.
• B) 20.8 per cent.
• C) 17 per cent.
• D) 83 per cent.
• E) $15 million.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for financial reporting.

ASPE

Accounting Standards for Private Enterprises, which provide simplified accounting guidelines for private companies in Canada.

Goodwill Impairment

A decrease in the value of goodwill on a company’s balance sheet, indicating that the value of a company’s acquired assets has fallen below the original valuation.

Revalued Assets

Assets that have been appraised again to reflect their current market value, rather than their original cost.