Question

A stock market boom causes consumer wealth to increase which results in consumer spending to increase. This increase results in real GDP increase from $28,000 to $31,000. What is the percent change in real GDP?

Answer 1

10.71 %

Step-by-step explanation:

The percentage change formula:

`((GDP_(1) -GDP_(0) )/(GDP_(0) )) 100\\percentage change = ((31,000 - 28,000)/(28,000) )100\\ \\=((3,000)/(28,000))100\\=0.10714 * 100\\= 10.71 %`