Question

Economists often are interested in percentage change from one period to the next. The percentage rate of change of gross domestic product​ (GDP) is an important macroeconomic variable. If in 2010 GDP was​ $11,150 billion​ dollars, and GDP increased to ​$11 comma 788 billion in​ 2011, what is the growth rate of the U.S. economy in​ 2011? nothing​%. ​(Enter your response rounded to one decimal​ place.)

Answer 1

The growth rate of the U.S. economy in 2011 was approximately 5.73%.

Step-by-step explanation:

The growth rate of the U.S. economy in 2011 can be calculated by finding the percentage change in the GDP from 2010 to 2011. The GDP increased from $11,150 billion in 2010 to $11,788 billion in 2011. To calculate the growth rate, we can use the formula:

Growth Rate = (New GDP - Old GDP) / Old GDP × 100

Substituting the values, we get:
Growth Rate = ($11,788 billion - $11,150 billion) / $11,150 billion × 100
Growth Rate = $638 billion / $11,150 billion × 100
Growth Rate ≈ 5.73%

Answer 2

5,72%

Step-by-step explanation:

To calculate the rate of change of GDP you need to adopt a base year of GDP, in this case the year 2010. So from 2010 GDP you can find the rate of change for GDP of 2011. The formula consists of the difference between current year GDP and base year GDP divided by base year GDP. After this calculation, simply multiply the value by 100 to find the percentage.

{(11,788 - 11,150) / 11,150} * 100 = 5.72%

Therefore, the GDP rate of change in 2011 was 5.72%.