For calculating economic growth of a country we need to collect data on which of the following? I. nominal GDP II. real GDP III. prices IV. population1)either I or II Solution Economic growth can be calculated in nominal or real terms. The formula is: Growth rate = GDP of year2-GDP of year1 / (GDP of year 1). GDP in the above formula could be either nominal or real. Hence either nominal or real GDP are requires. Therefore option 1 (either i or ii) is correct..