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If the GDP of a country is $1 trillion and it grows by 5% in a year, what will b

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Question: If the GDP of a country is $1 trillion and it grows by 5% in a year, what will be the GDP at the end of the year?

Options:

  1. $1.05 trillion
  2. $1.1 trillion
  3. $1.2 trillion
  4. $1.15 trillion

Correct Answer: $1.05 trillion

Solution: 

GDP after growth = 1 trillion * (1 + 0.05) = 1 trillion * 1.05 = $1.05 trillion.

If the GDP of a country is $1 trillion and it grows by 5% in a year, what will b

Practice Questions

Q1
If the GDP of a country is $1 trillion and it grows by 5% in a year, what will be the GDP at the end of the year?
  1. $1.05 trillion
  2. $1.1 trillion
  3. $1.2 trillion
  4. $1.15 trillion

Questions & Step-by-Step Solutions

If the GDP of a country is $1 trillion and it grows by 5% in a year, what will be the GDP at the end of the year?
  • Step 1: Identify the current GDP of the country, which is $1 trillion.
  • Step 2: Determine the growth rate, which is 5%. Convert this percentage to a decimal by dividing by 100. So, 5% becomes 0.05.
  • Step 3: Add 1 to the decimal growth rate. This gives you 1 + 0.05 = 1.05.
  • Step 4: Multiply the current GDP by the result from Step 3. So, $1 trillion * 1.05 = $1.05 trillion.
  • Step 5: The GDP at the end of the year is $1.05 trillion.
  • GDP Growth Calculation – Understanding how to calculate the new GDP after a percentage increase.
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