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Last year, a country had a NGDP of $4 million, and this year it had a NGDP of $4.2 million. During the last year, inflation was 2%. What was the growth in RGDP? 2% 3% -3% 5%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Last year, a country had a NGDP of $4 million, and this year it had a NGDP of $4.2
million. During the last year, inflation was 2%. What was the growth in RGDP?
2%
3%
-3%
5%

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