Question

. Use the following data to find the economic growth rate for Crystal Lake from 2016-2017.
Year Nominal GDP Inflation Rate Population growth rate
2015 $489,753 1.6% 2%
2016 $509,343 2% 2.2%
2017 $532,772 1.85% 1.5%
a. 0.4%
b. 1.25%
c. 4.6%
d. 7.95%

Answer 1

The economic growth rate for Crystal Lake from 2016-2017 is 4.6%.

What is the economic growth rate?

The enconomic growth rate is the rate at which the nominal GDP of a country increases with the passage of time. Nominal GDP is the total value of goods and services produced in a country in a given time period.

Economic growth rate = ( $532,772/ $509,343 ) - 1 = 4.6%

To learn more about percentages, please check: https://brainly.com/question/25764815