Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the question that follow.
Quarter Real GDP (billions of dollars) Long-Run Trend of Real GDP (billion of dollars)
1 4,000 4,000
2 4,160 4,120
3 4,326 4,244
4 4,413 4,371
5 4,501 4,502
6 4,591 4,637
7 4,499 4,776
8 4.409 4,919
9 4,673 5,067
10 4,954 5,219
11 5,252 5,376
12 5,376 5,537
Question:
1. Between quarter 2 and quarter 3, real GDP grew by what percentage?
O 3%
O 4%
O 1% O
O 2%
O -2%