If Studyland's real GDP was $345 billion in the year 2013 and $366 billion in 2014, what was Studyland's annual economic growth?单项选择题
A
a. 3.2%
B
b. 5.7%
C
c. 6.1%
D
d. 0.94%

Question

If Studyland's real GDP was $345 billion in the year 2013 and $366 billion in 2014, what was Studyland's annual economic growth?

BlackTom AI · Accepted Answer

Annual growth rate = (change in real GDP / initial real GDP) × 100%. For year-to-year GDP growth we use the percent change formula.

Relevant concepts:
- Real GDP measures output adjusted for price changes; annual economic growth is the percent change in real GDP from one year to the next.
- Percent change formula: [(New − Old) / Old] × 100%.

Step-by-step calculation:
1. Identify the values: GDP2013 = $345 billion, GDP2014 = $366 billion.
2. Compute the change: 366 − 345 = 21 (billion dollars).
3. Divide the change by the initial year’s GDP: 21 / 345 = 0.060869565...
4. Convert to a percentage: 0.060869565 × 100% = 6.0869565...
5. Round to one decimal place (as given choices are to one decimal): 6.09% ≈ 6.1%.

Why this is correct:
- The calculation follows the standard percent-change formula and yields approximately 6.0869%, which rounds to 6.1%. That matches answer choice c.

Why the other choices are incorrect:
- a. 3.2% would correspond to an increase of about 0.032 × 345 ≈ $11.04 billion, far less than the actual $21 billion increase.
- b. 5.7% corresponds to 0.057 × 345 ≈ $19.67 billion, still below the actual $21 billion increase; therefore 5.7% underestimates the growth.
- d. 0.94% corresponds to 0.0094 × 345 ≈ $3.24 billion, which is nowhere near the observed $21 billion change.

Conclusion:
Using the percent-change formula gives (366 − 345)/345 ≈ 0.06087 → 6.1% when rounded. This confirms the correct answer is c. 6.1%.

If Studyland's real GDP was $345 billion in the year 2013 and $366 billion in 2014, what was Studyland's annual economic growth?单项选择题

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