ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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0.92%
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9.2%
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0.91%
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3%
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Detailed explanation-1: -Real GDP per capita is calculated by dividing GDP at constant prices by the population of a country or area.
Detailed explanation-2: -To calculate the real GDP growth rate, you will base your calculation on real GDP figures as shown below: Real GDP growth rate = (most recent years real GDP-the last years real GDP) / the previous years real GDP.
Detailed explanation-3: -Definition: The annual average rate of change of the gross domestic product (GDP) at market prices based on constant local currency, for a given national economy, during a specified period of time.
Detailed explanation-4: -A positive difference in nominal minus real GDP signifies inflation and a negative difference signifies deflation. In other words, inflation occurs when nominal GDP is higher than real GDP. Deflation happens when real GDP is higher than nominal GDP.