# (Solved) QUESTION 3 2012 (base year) 2013 Price Quantity Price Quantity Movies \$6 20 \$7 30 Burgers \$2 100 \$2.

QUESTION 3

1.  Â 2012Â (baseÂ year)Â 2013Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ MoviesÂ \$6Â Â 20Â \$7Â Â 30Â BurgersÂ \$2Â Â 100Â \$2.50Â Â 90Â BikesÂ \$1,000Â Â 3Â \$1,100Â Â 6Â

Nominal GDP in 2012 equals \$Â Â for the economy shown above (2012 is the base year).
.

1 points Â Â

QUESTION 4
1.  Â 2012Â (baseÂ year)Â 2013Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ MoviesÂ \$6Â Â 20Â \$7Â Â 30Â BurgersÂ \$2Â Â 100Â \$2.50Â Â 90Â BikesÂ \$1,000Â Â 3Â \$1,100Â Â 6Â
Â
Nominal GDP in 2013 equals \$Â Â for the economy shown above (2012 is the base year).

1 points Â Â

QUESTION 5
1.  Â 2012Â (baseÂ year)Â 2013Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ MoviesÂ \$6Â Â 20Â \$7Â Â 30Â BurgersÂ \$2Â Â 100Â \$2.50Â Â 90Â BikesÂ \$1,000Â Â 3Â \$1,100Â Â 6Â

Real GDP in 2012 equals \$Â Â for the economy shown above (2012 is the base year).

1 points Â Â

QUESTION 6
1.  Â 2012Â (baseÂ year)Â 2013Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ MoviesÂ \$6Â Â 20Â \$7Â Â 30Â BurgersÂ \$2Â Â 100Â \$2.50Â Â 90Â BikesÂ \$1,000Â Â 3Â \$1,100Â Â 6Â

Real GDP in 2013 equals \$Â Â for the economy shown above (2012 is the base year).

1 points Â Â

QUESTION 7
1.  Â 2009Â 2013Â (baseÂ year)Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ CamerasÂ \$10Â Â 100Â \$12Â Â 120Â LegalÂ ServicesÂ \$15Â Â 50Â \$20Â Â 45Â BooksÂ \$40Â Â 200Â \$45Â Â 210Â

Nominal GDP in 2009 equals \$Â Â for the economy shown above (2013 is the base year).

1 points Â Â

QUESTION 8
1.  Â 2009Â 2013Â (baseÂ year)Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ CamerasÂ \$10Â Â 100Â \$12Â Â 120Â LegalÂ ServicesÂ \$15Â Â 50Â \$20Â Â 45Â BooksÂ \$40Â Â 200Â \$45Â Â 210Â

Nominal GDP in 2013 equals \$Â Â for the economy shown above (2013 is the base year).

1 points Â Â

QUESTION 9
1.  Â 2009Â 2013Â (baseÂ year)Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ CamerasÂ \$10Â Â 100Â \$12Â Â 120Â LegalÂ ServicesÂ \$15Â Â 50Â \$20Â Â 45Â BooksÂ \$40Â Â 200Â \$45Â Â 210Â

The price index in 2009 equalsÂ Â (round to a whole number).

1 points Â Â

QUESTION 10
1.  Â 2009Â 2013Â (baseÂ year)Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ CamerasÂ \$10Â Â 100Â \$12Â Â 120Â LegalÂ ServicesÂ \$15Â Â 50Â \$20Â Â 45Â BooksÂ \$40Â Â 200Â \$45Â Â 210Â

The price index in 2013 equalsÂ Â (round to a whole number).

1 points Â Â

QUESTION 11
1.  Â 2009Â 2013Â (baseÂ year)Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ CamerasÂ \$10Â Â 100Â \$12Â Â 120Â LegalÂ ServicesÂ \$15Â Â 50Â \$20Â Â 45Â BooksÂ \$40Â Â 200Â \$45Â Â 210Â

Using the price index and nominal GDP calculated above results in real GDP of \$Â Â for 2009 (round to a whole number).

1 points Â Â

QUESTION 12
1.  Â 2009Â 2013Â (baseÂ year)Â
 Â PriceÂ QuantityÂ PriceÂ QuantityÂ CamerasÂ \$10Â Â 100Â \$12Â Â 120Â LegalÂ ServicesÂ \$15Â Â 50Â \$20Â Â 45Â BooksÂ \$40Â Â 200Â \$45Â Â 210Â

Using the price index and nominal GDP calculated above results in real GDP of \$Â Â for 2013 (round to a whole number).

1 points Â Â

QUESTION 13
1.  Â PriceÂ IndexÂ YearÂ 1Â 87Â YearÂ 2Â 91Â YearÂ 3Â 94.5Â YearÂ 4Â 96.5Â YearÂ 5Â 100Â YearÂ 6Â 106Â YearÂ 7Â 109.5Â
Â
Which year was the base year?Â  YearÂ .

1 points Â Â

QUESTION 14
1.  Â PriceÂ IndexÂ YearÂ 1Â 87Â YearÂ 2Â 91Â YearÂ 3Â 94.5Â YearÂ 4Â 96.5Â YearÂ 5Â 100Â YearÂ 6Â 106Â YearÂ 7Â 109.5Â
Â
What was the rate of inflation between Year 5 and Year 6?Â Â Â % (round to 1 decimal point).

1 points Â Â

QUESTION 15
1.  Â PriceÂ IndexÂ YearÂ 1Â 87Â YearÂ 2Â 91Â YearÂ 3Â 94.5Â YearÂ 4Â 96.5Â YearÂ 5Â 100Â YearÂ 6Â 106Â YearÂ 7Â 109.5Â
Â
What was the inflation rate between Year 2 and Year 3?Â Â Â % (round to 1 decimal point).

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This question was answered on: Mar 27, 2022

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