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

QUESTION 3

  1.   2012 (base year)  2013 
      Price  Quantity  Price  Quantity 
    Movies  $6   20  $7   30 
    Burgers  $2   100  $2.50   90 
    Bikes  $1,000   3  $1,100   6 

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

1 points   


QUESTION 4
  1.   2012 (base year)  2013 
      Price  Quantity  Price  Quantity 
    Movies  $6   20  $7   30 
    Burgers  $2   100  $2.50   90 
    Bikes  $1,000   3  $1,100   6 
     
    Nominal GDP in 2013 equals $  for the economy shown above (2012 is the base year).

1 points   


QUESTION 5
  1.   2012 (base year)  2013 
      Price  Quantity  Price  Quantity 
    Movies  $6   20  $7   30 
    Burgers  $2   100  $2.50   90 
    Bikes  $1,000   3  $1,100   6 

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

1 points   


QUESTION 6
  1.   2012 (base year)  2013 
      Price  Quantity  Price  Quantity 
    Movies  $6   20  $7   30 
    Burgers  $2   100  $2.50   90 
    Bikes  $1,000   3  $1,100   6 

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

1 points   


QUESTION 7
  1.   2009  2013 (base year) 
      Price  Quantity  Price  Quantity 
    Cameras  $10   100  $12   120 
    Legal Services  $15   50  $20   45 
    Books  $40   200  $45   210 

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

1 points   


QUESTION 8
  1.   2009  2013 (base year) 
      Price  Quantity  Price  Quantity 
    Cameras  $10   100  $12   120 
    Legal Services  $15   50  $20   45 
    Books  $40   200  $45   210 

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

1 points   


QUESTION 9
  1.   2009  2013 (base year) 
      Price  Quantity  Price  Quantity 
    Cameras  $10   100  $12   120 
    Legal Services  $15   50  $20   45 
    Books  $40   200  $45   210 

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

1 points   


QUESTION 10
  1.   2009  2013 (base year) 
      Price  Quantity  Price  Quantity 
    Cameras  $10   100  $12   120 
    Legal Services  $15   50  $20   45 
    Books  $40   200  $45   210 

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

1 points   


QUESTION 11
  1.   2009  2013 (base year) 
      Price  Quantity  Price  Quantity 
    Cameras  $10   100  $12   120 
    Legal Services  $15   50  $20   45 
    Books  $40   200  $45   210 

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

1 points   


QUESTION 12
  1.   2009  2013 (base year) 
      Price  Quantity  Price  Quantity 
    Cameras  $10   100  $12   120 
    Legal Services  $15   50  $20   45 
    Books  $40   200  $45   210 

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

1 points   


QUESTION 13
  1.   Price Index 
    Year 1  87 
    Year 2  91 
    Year 3  94.5 
    Year 4  96.5 
    Year 5  100 
    Year 6  106 
    Year 7  109.5 
     
    Which year was the base year?  Year .

1 points   


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

1 points   


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

 


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