Table 21-2 -Refer to Table 21-2

question 125

Multiple Choice

Table 21-2
$$\begin{array} { | c | c | } \hline \text { Year } & \begin{array} { c } \text { Real GDP (billions } \\\text { of 2000 dollars) }\end{array} \\\hline 2013 & \$ 10,100 \\\hline 2014 & 10,950 \\\hline 2015 & 11,425 \\\hline 2016 & 11,300 \\\hline\end{array}$$
-Refer to Table 21-2.Using the table above,what is the approximate average annual growth rate from 2013 to 2016?

• A)-1%
• B)1%
• C)2%
• D)4%

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Definitions:

Short-run

A time period in economics during which at least one input, such as factory size or capital, is fixed, and firms can adjust production levels only by changing variable inputs like labor.

Inflation

The growth rate of general prices for goods and services, which sequentially leads to a reduction in the ability to make purchases.

Unemployment

The situation when individuals who are capable of working and are actively seeking work are unable to find employment.

Marginal

Pertaining to small changes or differences in a firm's output or in the amount of a product consumed, often related to decisions about whether to increase or reduce production or consumption.