Question

Use the table to answer the question.

Answer 1

The growth rate of Nominal  GDP from 2007 to 2008 is 100%.

Nominal GDP is the gross domestic product of a country that is calculated using current year prices. It included real GDP and inflation.

Growth rate in GDP = (nominal GDP in 2008 / nominal GDP in 2007) - 1

Nominal GDP in 2007 = (60 x 100) + (15 x 20)

= $6000 + $300

= $6,300

Nominal GDP in 2008 = (60 x 200) + (12 x 50)

$12,000 + 600

= $12,600

Growth rate = ($12,600 / 6,300) - 1 = 100%

Please find attached an image of the table used in answering this question. To learn more about GDP, please check: brainly.com/question/25780486