Consider the Following Data

Essay

Consider the following data. Assume that the economy produces only T-shirts.
Calculate the growth rate of real GDP.
$$\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { T-Shirts } \\\text { Sold }\end{array} & \begin{array} { c } \text { Actual } \\\text { Price }\end{array} \\\hline \text { Last year } & 40,000 & \$ 10 \\\hline \text { This year } & 41,500 & \$ 10.50 \\\hline\end{array}$$