Question

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Read the example given below, and calculate the economic growth rate for the year 2020–21 in terms of production.

Production of rice in the year 2019–20 = 120 quintals
Production of rice in the year 2020–21 = 150 quintals

• A. 80%
• B. 20%
• C. 125%
• D. 100%

Answer 1

The correct option is B 20%

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> The economic growth rate is the rate of increase in national income during the current year as compared to the previous year.

Economic growth rate = (150 – 120)/150 × 100 = 20%