https://newconnect.mheducation.com/flow/connect.htm Chap 9 Growth Saved 2 The ac

Question

https://newconnect.mheducation.com/flow/connect.htm Chap 9 Growth Saved 2 The accompanying table shows real GDP from 2010 to 2015 for China, measured in billions of 2009 dollars Year 2010 2011 2012 2013 2014 2015 illions of 2009 DollarS 5, 609 6,140 6, 613 7,122 7,642 8.169 Growth Rate 3 points eBook Print References Instructions: Enter your response rounded to one decimal place a) Complete the growth rate column above. b) By what percentage did the Chinese economy grow between 2010 and 20 c) Chinese economic growth was the highest in 2011 15? %

Explanation / Answer

Growth rate is given by

GDP in current year-GDp in previous year)*100/ ( Gdp in previous year)

Ie [( GDPt - GDpt-1)/GDPt-1]*100

So growth rate for 2011 is given by [(6140- 5609)/5609]*100 =9.466= 9.5%

Similarly the growth rate for 2012= [(6613-6140)/6140]*100 =7.703 =7.7%

Growth rate in 2013 =[(7122-6613)/6613]*100= 7.69 =7.7%

Growth rate in 2014= [(7642-7122)/7122]*100 =7.301=7.3%

Growth rate in 2015 =[(8169-7642)/7642]×100 = 6.89 =6.9%

b) Growth rate of Chinese economy between 2010 to 2015 is given by ( we are following straight line growth rate method) [(GDP in 2015- GDP in 2010)/GDP IN 2010 ]*100 =[( 8169-5609)/5609]×100 = 45.64% ~45.6%

c) Chinese growth rate was highest in 2011 ie 9.5%

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