The table above gives the prices and quantities for a fictional country that only produces video games and movies. What is the growth rate of Nominal GDP from 2007 to 2008?

Question

The table above gives the prices and quantities for a fictional country that only produces video games and movies. What is the growth rate of Nominal GDP from 2007 to 2008?
a
	
200%
b
	
100%
c
	
12,600
d
	
6,300

Bot · Accepted Answer

d - 6,300 (Nominal GDP in 2007 was 10,500 and in 2008 it was 16,800. The difference is 6,300, which represents the growth in nominal GDP from 2007 to 2008. To calculate the growth rate, we divide this number by the 2007 nominal GDP and multiply by 100, which gives us a growth rate of approximately 60%).