Question

Over the past two decades, China has been growing in real terms at the rate of...

Over the past two decades, China has been growing in real terms at the rate of about 9 percent per year. Is this fast or slow?

a.    Chinese growth has been about triple the U.S. average growth rate in real GDP
b.    Chinese growth has been about ten times faster than the U.S. average growth rate in real GDP
c.    Chinese growth has actually been slower than the U.S. average growth rate in real GDP
d.    Chinese growth has been about the same as the U.S. average growth rate in real GDP
e.    There is no way to compare China and the U.S. because they are two different economies

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Answer #1

Answer:

Option a) Chinese growth rate is about triple the average growth rate in US in real GDP

Explanation:

Growth rate of US in 2018 is 2.1%

Growth rate of US in 2019 is 2.9%

Average growth rate in last 2 decades

= 2.1 + 2.9

2

= 2.5%

Growth rate of China in 2018 is 6.6%

Growth rate of China in 2019 is 6.3%

Average growth rate in last 2 decades

= 6.6 + 6.3

2

= 6.45%

Hence, we can clearly note from the calculations, that GDP of china (i.e 6.45%) is about thrice the GDP of US (i.e., 2.5%)

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