ECONOMICS (CBSE/UGC NET)

ECONOMICS

GDP

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

If GDP grew 3% in 2010, 2.2% in 2011 and 2.5% in 2012, then what is the average annual growth rate over this period?

A	5%
B	2.6%
C	4%
D	-2.2%

Explanation:

Detailed explanation-1: -During 2012 (that is, measured from the fourth quarter of 2011 to the fourth quarter of 2012) real GDP increased 1.5 percent. Real GDP increased 2.0 percent during 2011. The price index for gross domestic purchases increased 1.5 percent during 2012, compared with an increase of 2.5 percent during 2011.

Detailed explanation-2: -Robust growth and steady fiscal consolidation have been the hallmark of the Indian economy in the year 2010-11 so far. The growth rate has been 8.6 percent in 2010-11 and is expected to be around 9 percent in the next fiscal year.

Detailed explanation-3: -From 2011 to 2012, US real GDP increased by 2.2% and population by 1%.

Detailed explanation-4: -Find the ending value of the amount you are averaging. Find the beginning value of the amount you are averaging. Divide the ending value by the beginning value. Subtract the new value by one. Use the decimal to find the percentage of annual growth. 27-Oct-2020

There is 1 question to complete.