In year 1, a country’s GDP at current market prices was $\$1000$bn. By year 2, this had increased to $\$1100$bn. Over that same period, the general price level increased by $5\%$. What change has occurred in real GDP?
- AReal GDP fell by approximately $5\%$.
- BReal GDP fell by approximately $10\%$.
- CReal GDP rose by approximately $5\%$.
- DReal GDP rose by approximately $10\%$.