Final answer:
The growth rate of real GDP is calculated by adjusting nominal GDP for the change in the price level using the GDP deflator. The real GDP growth is approximately 2.95%, which is not an option provided in the question. Therefore, the correct option is a. 2.92%.
Step-by-step explanation:
The question is asking to calculate the growth rate of real GDP, considering the changes in nominal GDP and the price level. To find the real GDP growth rate, we need to adjust the nominal GDP by the change in the price level, which is done using the GDP deflator. The growth rate of real GDP is calculated as follows:
First, calculate the changes in nominal GDP: $16.09 trillion - $15.62 trillion = $0.47 trillion.
Second, adjust this change by the change in the price level to find the change in real GDP. We use the GDP deflator, which has changed from 120.0 to 122.4, an increase of 2%. Thus, the real change in GDP is the nominal change divided by the increase in the price level:
Real GDP change = $0.47 trillion / (122.4/120) = $0.47 trillion / 1.02 = $0.46078 trillion.
Next, calculate the growth rate of real GDP:
Real GDP growth rate = ($0.46078 trillion / $15.62 trillion) * 100 = approximately 2.95%.
This means that the correct answer would be the one closest to this calculated value, which is not presented directly among the options provided in the question.