If Real GDP in a Small Country in 2015 Is

question 166

Multiple Choice

If real GDP in a small country in 2015 is $8 billion and real GDP in the same country in 2016 is $8.3 billion,the growth rate of real GDP between 2015 and 2016

• A)is 3.0%.
• B)is 3.6%.
• C)is 3.75%.
• D)cannot be determined from the information given.

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Definitions:

Income Inequality

Income inequality describes the uneven distribution of income within a population, leading to disparities in living standards and economic opportunities.

Lifetime Distribution

The allocation of income or wealth over the span of an individual's life.

Income Mobility

The extent to which income receivers move from one part of the income distribution to another over some period of time.