Suppose That Real GDP for 2017 Was $10,000 Billion and Real

question 212

Multiple Choice

Suppose that real GDP for 2017 was $10,000 billion and real GDP for 2018 was $11,000 billion.What is the rate of growth of real GDP between 2017 and 2018?

• A)1%
• B)2%
• C)5%
• D)10%

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Definitions:

Relatively Elastic

Describes a supply or demand curve in economics that shows a greater sensitivity or responsiveness to changes in price.

Price-Elasticity

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

Price-Inelastic

Describes a situation where the demand for a product does not change significantly with a change in the product's price.

Coefficient

A constant or numerical value that precedes and multiplies a variable within an algebraic expression.