Nominal GDP is some year is $15 trillion. Real GDP in that same year is $11 trillion. What is the value of the GDP price index in that year? Select one: O a. 152 O b. 375 O c. 136 O d. 200 Check

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A: Inflation rate = ∆ in consumer price index / base year's consumer price index × 100

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

A: Price index measures how the average price of a group of goods changes over time.

Q: Production Year1 Year 2 Year 3 Good X 50 50 60 Good Y 100 120 140 Select one: Assume that this…

A: Nominal GDP is that GDP which are calculated on current year price on the other Real GDP is that GDP…

Q: 2000 2005 2010 2015 2020 95.4 107 116.5 126.6 137 The above table shows a history of the Consumer…

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A: Deflation is when customer and resource prices decrease over the long run and buying power…

Q: The CPI is a O A. measure of inflation O B. measure of the price level of all goods and services…

A: CPI is a measure that examines the average prices of consumer services and goods in a basket-like…

Q: Which of the following is/are true? I. One difference between the CPI and the GDP deflator is that…

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A:

Q: Price level (GDP price index 2012-100) 130- Potencial AS GDP 120- 110- 100 90 AD 19.5 20.0 20.5 21.0…

A: Potential GDP: - potential GDP is the highest level of gross domestic product that can be achieved…

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A: Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: ICLO 21 The GDP (gross domestic product) of country K in 2020 was 1,900,000.000,000 (Le. 1.90 unlion…

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A: Nominal GDP measures the value of goods and services at current year market prices while real GDP…

Q: Suppose that this year's nominal GDP is $1.6 trillion. To account for the effects of inflation, we…

A: Here, given information is, Nominal GDP: $1.6 trillion Real GDP: $1.5 trillion

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Q: 19 and in 2020, consumers in Dexter purchased only books and pens. 2019 2020 prices and quantities…

A: The inflation rate is the percentage increase or decrease in prices during a specified period.

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A: CPI stands for consumer price index. Where consumer goods basket are included to calculate the the…

Q: The difference between the CPI and the PCE is that O the PCE index measures prices while the CPI…

A: The CPI stands for Consumer price index while the PCE stands for Personal Consumption Expenditure.

Q: QUESTION 15 For an imaginary economy, the value of the consumer price index was 150 in 2013 and 153…

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Q: 11. Suppose that the GDP deflator of a small country equals 200 at the end of 2018. If the inflation…

A: "Since you have asked multiple questions, we will solve the first one for you. If you want any…

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Q: What is the effect of the bias in the CPI? The bias in the CPI leads to in government outlays and to…

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Q: Suppose that, as a result of an increase in the price of wheat, several large U.S. grocery chains,…

A: In an economy, the basic difference between CPI and GDP deflator is that the CPI only record price…

Q: If there are only two goods, apples and bikes produced in the economy in 2015 total production of…

A: Consumer price index = (cost of market basket in current year / cost of basket in base year)*100…

Q: Which of the following statements are correct? Select one or more: O a. To find GDP at constant…

A: The GDP deflator is a measure of inflation that is a ratio of the value of goods and services of the…

Q: If 1 million people are unemployed and 9 million people are employed what is the unemployment rate?…

A: People who are working or have a job are considered employed and people who are actively looking for…

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A: 27. Since the number of function available with the tablets have increased but the prices of the…

Q: What was Crete's GDP? Select one: O a. $6839 O b. $6438 O c. $4623 O d. $5731 O . $6037

A: The measure that in turn depicts the final value of services and goods in an economy that are being…

Q: When economists speak of the CPI bias, they are referring to O A. the tendency for the CPI to…

A: Consumer Price Index shows the weighted average value of a basket of goods. CPI calculated by the…

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A: GDP is the value of all the goods and services in an economy at a given point of time. GDP is…

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A: The gross domestic product (GDP) of an economy is defined as the market value of all the final…

Q: Nominal Year Price level GDP 1982 100 €1,600 1992 150 €3,000 2002 300 €6,000 In the above table,…

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Q: Refer to the information provided in Table 7.5 below to answer the question(s) that follow. Table…

A: While computing consumer price index, the base year refers to the year according to which the price…

Q: Nominal GDP was $12.1 trillion and real GDP is $11 trillion. The GDP price index is O A. 121.0 О В.…

A: As given Nominal GDP = $12.1 trillion  Real GDP = $11 trillion  GDP Price Index = Nominal GDPReal…

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Q: The CPI or Consumer Price Index measures O Inflation by monitoring the change in gas prices and food…

A: CPI: CPI or consumer price index can be defined as the weighted mean price of the set of commodities…

Q: Data for 2018 Data for 2019 Quantity 4 Item: Price Price Hot dogs $1.75 $2.00 Pepsi 2 $1.25 3 $1.50…

A: The GDP is computed by multiplying the quantity of each commodity by its price and then adding all…

Q: If the cost of health and personal care increases by 20 percent, then, other things the same, how…

A: The consumer price index (CPI) basically measure changes in the prices of goods and services…