2021  2022 Quantity of pistachios 900 1,100 Quantity of video games    500    400 Price of pistachios $2.00 $1.50 Price of video games $15.00 $16 Using the Laspeyres index, the percent change in real GDP from 2021 to 2022 will be about ________ percent.     12     6     0     -6     -12

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 6SCQ: The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the...
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2021

 2022

Quantity of pistachios

900

1,100

Quantity of video games

   500

   400

Price of pistachios

$2.00

$1.50

Price of video games

$15.00

$16

Using the Laspeyres index, the percent change in real GDP from 2021 to 2022 will be about ________ percent.

   

12

   

6

   

0

   

-6

   

-12

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