Part 1 (0.5 pt) See Hint Nominal GDP in Venezuela has grown rapidly in recent ye

Question

Part 1 (0.5 pt) See Hint Nominal GDP in Venezuela has grown rapidly in recent years. But historically, Venezuela is a country that has struggled with inflation rates. The table below gives statistics for Venezuela in a recent year. Nominal GDP growth rate 14.8% GDP deflator growth rate 6.9% Population growth rate 1.1 What was the rate of economic growth for Venezuela? (Round your answer to the nearest tenth.) 0 See Hint Part 2 (0.5 pt) If Venezuela continues to grow at its current rate of economic growth, how long will it take to double the level of per capita real GDP? Round your answer to the nearest tenth. years SUB 13/15

Explanation / Answer

1-Economic growth rate is the measure of growth rate for different years i.e it include the growth in comparison to coming years and it include both gross domestic product (GDP) and gross national product (GNP).It helps in depicting the economic development of the country.

Economic growth rateof venezuela =(GDP2/GDP1)-1=14.8-6.9/6.9=7.9/6.9=1.14%

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