Given that Liechtenstein, a microstate with a population of 29,000 situated on the Rhine River between Switzerland and Austria, had a GNP per capita at constant prices of US$555 in 2011 and US$560 in 2012, what was the real economic growth rate from 2011 to 2012?

Choose the correct answer

Explanation

The real economic growth rate is calculated by taking the difference between the GNP per capita values for 2012 and 2011, dividing by the 2011 value, and then multiplying by 100. Specifically, ((560 - 555) / 555) * 100 = 0.901%. Therefore, the correct growth rate is 0.901%.

Given that Liechtenstein, a microstate with a popula… — The Meaning and Measurement of Economic Development | PakQuizHub