If Real GDP was $8,742 billion in year 2 and it had been $8,509 billion in year 1, what was the approximate economic growth rate during this time period

The approximate economic growth rate during the period is 2.74%.

Explanation: The economic growth rate above was calculated by this formula: (current year's real GDP - previous year's real GDP) / Previous year's real GDP. That is, ($8,742 - $8,509) / $8,509 = 0.02738. Expressed as a percentage, would approximately be 2.74%.

The real GDP is an inflation-adjusted GDP and a consistent measurement of GDP unlike the nominal GDP.

The real GDP is more relevant for economic decision making like inflation control, fiscal policies, etc.

answer/// product differentiation;