Nominal GDP was $8,500 billion in Year 1 and $10,000 billion in Year 2. The GDP price index was 170 in Year 1 and 175 in Year 2. Between Years 1 and 2, the rate of growth in real GDP was approximately:

Question 49 options:

a)

Around 26 percent

b)

Around 37 percent

c)

Around 14 percent

d)

Around 18 percent

e)

None of the above