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

Question

BlackTom AI · Accepted Answer

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

Option a: 0.94% — This figure is far too small for a rise from 345 to 366. It would imply a change of less than 1%, which would require an increase of roughly 3.45 billion still not matching the actual 21 billion increase.

Option b: 5.7% — This is closer to plausible growth, but the math doesn’t align with the numbers. 5.7% would correspond to an increase of about 19.6 billion, which is less than the observed 21 billion rise.

Option c: 6.1% — This matches the calculation. Growth rate = (366 − 345) / 345 = 21 / 345 ≈ 0.06087, which is about 6.1% when rounded to one decimal place.

Option d: 3.2% — This would imply a much smaller absolute increase (roughly 11.04 billion) and is inconsistent with the actual $21 billion rise from 345 to 366.

To verify, compute the exact percent change: (366 − 345) ÷ 345 = 21 ÷ 345 ≈ 0.06087, which rounds to 6.1%. Thus, option c is the correct choice, and the others underestimate or miscalculate the growth rate based on the same GDP change.

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

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