Problem
Use the table to answer the following questions (note: the second column is measuring real GDP, and the figure at the top of that column is 1075)
|
Year
|
billions of dollars in constant prices
|
|
2012
|
1075
|
|
2013
|
1120
|
|
2014
|
1160
|
|
2015
|
1175
|
|
2016
|
1200
|
a. Calculate the economic growth rate for each year from 2012 to 2016.
b. Calculate the average annual economic growth rate for the period 2012 to 2016.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.