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If a country has a GDP growth rate of 5% and its current GDP is $2 trillion, wha

Practice Questions

Q1
If a country has a GDP growth rate of 5% and its current GDP is $2 trillion, what will be the GDP after one year?
  1. $2.1 trillion
  2. $2.05 trillion
  3. $2.2 trillion
  4. $2.15 trillion

Questions & Step-by-Step Solutions

If a country has a GDP growth rate of 5% and its current GDP is $2 trillion, what will be the GDP after one year?
  • Step 1: Identify the current GDP, which is $2 trillion.
  • Step 2: Identify the growth rate, which is 5%.
  • Step 3: Convert the growth rate from a percentage to a decimal. 5% as a decimal is 0.05.
  • Step 4: Add 1 to the growth rate in decimal form. So, 1 + 0.05 = 1.05.
  • Step 5: Multiply the current GDP by the result from Step 4. So, $2 trillion * 1.05.
  • Step 6: Calculate the result. $2 trillion * 1.05 = $2.1 trillion.
  • GDP Growth Calculation – Understanding how to calculate future GDP based on current GDP and growth rate.
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