If nominal GDP In some year Is $280 and real GDP Is $160, then the GDP price Index for that year Is Multiple Choice 175. 57. 160. 280.

Q: If nominal GDP in some year is $280 and real GDP is $160 the GDP price index for that year is:…

A: Nominal GDP is the value of final goods produced in the country. Real GDP is the value of final…

Q: If the nominal GDP is 150 and the real GDP is 100 find the price index?

A: Nominal GDP = 150 Real GDP = 100

Q: If the nominal GDP is $118 and the current price index is $115 find the real GDP

A: Generally in the given question Nominal GDP is valued = $118 Current price index = $115 Real GDP…

Q: **You If the average level of nominal income in a country is $65,730 and the Consumer Price Index is…

A: Real income is income adjusted for inflation.

Q: What would be the Nominal GDP if the price index is 100 and the amount of Real GDP is 250 ?

A: As per the given question Price index is values as = 100 Real GDP = 250 Nominal GDP needed = ?

Q: Distinguish between the Consumer Price Index (CPI) and the Producer Price  Index (PPI)

A: A price index is an index through which the relative price changes of various goods and services can…

Q: The CPI measures: Select one: a. The overall cost of goods and services bought by a typical customer…

A: CPI measures the cost of a fixed basket of goods and services purchased by a typical household,…

Q: Inflation measures based on GDP deflators take into account a smaller set of goods, compared to the…

A: Better education, healthcare and gain of experience for entrepreneurs can improve quality of…

Q: Nominal GDP 2018 is $24,200. What is the "real" 2018 GDP measure in 2012 prices if the 2018 price…

A: Given data: Nominal GDP of 2018 is $24200. Price index in 2018 is 1.05

Q: Because there isn't one single measure of inflation, the government and researchers use a variety of…

A: The main difference between the GDP Deflator and CPI is that the GDP Deflator measures the prices of…

Q: Find the price index if the nominal GDP is 4400 the real gdp is 2200 ?

A: Generally in the given question, Nominal GDP value is = 4400 The real GDP is = 2200 Price index = ?

Q: For an imaginary economy, the value of the consumer price index was 138.57 in 2017, and the…

A: Consumer price index (CPI) is the measure of overall cost of buying market basket by a consumer.…

Q: Use the following information to calculate:                         ______________…

A: (a) Laspeyer's index = ∑[{((p1 x q0)} / {((p0 x q0)}] x 100 Laspeyer's index in 2020 = [(100 x 100 +…

Q: Given the information in the attached table, if 2025 is the base year, what is the GDP deflator in…

A:

Q: In 1998 a dozen eggs sold for $1.20 and the price index was 162.  In 2018 a dozen eggs sold for…

A:

Q: The following table gives nominal GDP and the price index for two years. Find real GDP in each year,…

A: Here, the given table provides information about nominal GDP and price index  for 2010 and 2011.

Q: as an argument when consumer price index (CPI) is higher than GDP deflator? Prices of exported goods…

A: The Consumer Price Index estimates the general change in consumer prices over the long haul in light…

Q: A person's real income will increase by 3% if her nominal income: Increases by 5% while the price…

A: Inflation is the increase in the general price level over a given period of time. Inflation is…

Q: Describe a situation, either a government policy situation, an economic problem, or a private sector…

A: CPI would be more appropriate in situation which involves a typical consumer. Let's take the…

Q: If nominal GDP is $6 trillion and the price index is 150%, then real GDP is: a. $9 trillion b. $1…

A: Here, given information is: Nominal GDP: $6 trillion Price index (GDP deflator): 150% To find:…

Q: Suppose nominal GDP in 2019 was RM 300 billion and in 2020 it was RM 460 billion. The general price…

A: Real GDP is the value of the goods and services produced by an economy in a specific period of time…

Q: The GDP price index in the United States in 2016 was about 106, and real GDP in 2016 was $17.7…

A: Given data: In 2016, GDP price index was 106 Real GDP = $17.7 trillion

Q: The GDP deflator in year 2 is 110 and the GDP deflator in year 3 is 118. Calculate the rate of…

A: GDP deflator is a measure of inflation. It measures the changes in price of all goods and services…

Q: compare and contrast the calculations for the consumer price index and the GDP price index as…

A: Formula for GDP price indexGDP Deflator=Nominal GDPReal GDP ×100 where Nominal GDP is the market…

Q: which of the following are included in GDP and which ones are not,

A: GDP is an important macroeconomic measure of growth that is used to determine the total aggregate…

Q: Which goods are supposed to be included in the CPI?

A: Consumer price index measures the price change that a consumer pay for goods and services. The…

Q: Nominal GDP 2018 = $24,200 What is the “real” 2018 GDP measure in 2012 prices if the 2018 price…

A: Real GDP in 2018= Nominal GDP in 2018/ Price index Nominal GDP would be based on current prices…

Q: What is in the CPI market basket? The CPI market basket consists of items that buy and O A. all…

A: CPI measures the cost of living.

Q: The average price of milk per gallon was $2.62 in 1995 and ​$3.27 in 2010. The consumer price index…

A: Consumer price index (CPI) refers to the measurement of weighted average price of the consumption of…

Q: In each of the following cases, explain clearly how the CPI might misrepresent changes in consumer…

A: Аns  а:  The  bаskets  inсlude  the  соmmоdities  seleсted  fоr  соmрutаtiоn  оf  СРI.  If…

Q: Assume that nominal GDP is $2,800 billion and the real GDP is $2,000 billion. What is this economy's…

A: A price index is a number that expresses the level of a set of commodity prices in proportion to the…

Q: For CPI to be a useful price index, we need  a. The foods and services included in CPI to be…

A: The Consumer Price Index (CPI) is an action that inspects the weighted normal of prices of a crate…

Q: If nominal GDP is $690m and the price index is 110, then real GDP is $627.28m. $759m. $690m

A: Nominal Gross domestic product is usually known to be as the measurement of the certain or given…

Q: Given the below information, Find the price index for all four quarters and the real GDP for all…

A: Given Information: GDP C Ig G Nx Price Q1 300 70 170 30 $4 Q2 370 130 230 30 $5 Q3 430 170…

Q: The following statements refer to the CPI and the GDP deflator. Which one is CORRECT?   The CPI…

A: In economics, CPI and GDP deflator, both are the indicators of inflation rate in an economy.

Q: The CPI uses a fixed basket of goods and service, and the GDP deflator uses a variable basket of…

A: 1.CPI (Consumer Price Index) is an index that is used to measure the level of inflation of consumer…

Q: Define consumer price index And tell why it is important to the economy.

A: CONSUMER PRICE INDEX (CPI) It is a measure for estimating changes in the price paid by the consumer…

Q: How is the producer price index related to the consumer price index?

A: Consumer price index: Consumer price index (CPI) refers to the measurement of weighted average price…

Q: The nominal GDP for an economy is $10 trillion. Real GDP is $7 trillion. What is the value of the…

A: Nominal GDP = $10 trillion  Real GDP = $7 trillion

Q: According to the Bureau of Economic Analysis, the GDP Deflator for the 3rd Quarter 2021 is +5.7%.…

A: GDP deflator takes into account the impact of inflation on the GDP of the economy during a given…

Q: In the United States in 2001, nomial GDP was 10622 billion and real GDP was 12070 billion. What is…

A: Gross Domestic Product (GDP) is the market value of all final goods and services produced/ sold in a…

Q: Calculate the change in price level in 2019 compared to 2009 using GDP deflator.

A: Nominal GDP measures market value of goods and services using current price whereas real GDP…

Q: the real income is 300 the price index is 110 calculate the nominal income

A: Basically in the given question, Real income is = 300 The value of the price index = 110 NOMINAL…

Q: Describe three problems that make the consumer price index an imperfect measure of the cost of…

A: The consumer price index measures the retail inflation of the economy by analyzing the market prices…

Q: Following is data for a hypothetical economy. The base year is 2002 (Price index = 100). Nominal GDP…

A: Here we calculate the rose in prices from 2005 to 2006 or inflation rate , so the calculation of the…

Q: If the Nominal GDP is 120 and the real GDP is 100 find the level of price index

A: Generally in the given question Nominal GDP is given as = 120 Real GDP is given as = 100 We need to…

Q: If the price prevailing during the base year is 1000 and the quantity of final goods and services is…

A: As per the given question, Price during the base year are = 1000 Quantity of the goods = 500 We need…