An economy enters an expansion and GDP increases from $34,000 to $40,000. What is the percent change in real GDP? Round your ans

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Nataly [62]

2 years ago

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An economy enters an expansion and GDP increases from $34,000 to $40,000. What is the percent change in real GDP? Round your ans

wer to the nearest hundredth.

Business

1 answer:

Blababa [14] · Answer 1 · 2023-06-12T05:05:00+03:00

The percent change in real GDP is 17.65%

<h3>What is the GDP of an economy?</h3>

The gross domestic product (GDP) is the sum of all value contributed to a given economy. The value-added is the difference between the value of the products and services produced and the value of the goods and services required to produce them.

The percent change in real GDP can be calculated by using the formula:

$\mathbf{=\dfrac{New \ GDP - Old \ GDP}{Old \ GDP } \times 100}$

$\mathbf{=\dfrac{40000 -34000}{34000 } \times 100}$

= 17.65%

Learn more about gross domestic product (GDP) here:

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