The formula to calculate economic growth from 2001 to 2002 is given by ?
Correct answer: C. [(GDP2002 - GDP2001)/GDP2001]100
- A. [(GDP2002 + GDP2001)/GDP2001]100
- B. [(GDP2002 - GDP2001) GDP2001]100
- C. [(GDP2002 - GDP2001)/GDP2001]100
- D. [(GDP2001 - GDP2002]100
Explanation
Growth is calculated as the change in GDP divided by the initial GDP, multiplied by 100: (GDP2002 − GDP2001) / GDP2001 × 100. Using the initial year as the denominator gives option c.
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