Economics · National Income
An economy notes that its Nominal GDP grew by 20 percent over the last year, while the GDP Deflator increased from 200 to 250 in the same period. Determine the Real GDP growth rate for the economy.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Real GDP contracted by 5 percent.
- 2Real GDP grew by 5 percent.
- 3Real GDP contracted by 4 percent.✓
- 4Real GDP grew by 4 percent.
Correct answer
Real GDP contracted by 4 percent.
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