Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $16 and 22,000 buckets were produced. Determine the GDP price index for 1984, using 2005 as the base year. Instructions: Enter your response as an index number rounded to one decimal place. GDP price index = By what percentage did the price level, as measured by this index, rise between 1984 and 2005? % What were the amounts of real GDP in 1984 and 2005?
Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $16 and 22,000 buckets were produced. Determine the GDP price index for 1984, using 2005 as the base year. Instructions: Enter your response as an index number rounded to one decimal place. GDP price index = By what percentage did the price level, as measured by this index, rise between 1984 and 2005? % What were the amounts of real GDP in 1984 and 2005?
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 4WNG
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Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $16 and 22,000 buckets were produced.
Determine theGDP price index for 1984, using 2005 as the base year.
Instructions: Enter your response as an index number rounded to one decimal place.
GDP price index =
By what percentage did the price level, as measured by this index, rise between 1984 and 2005? %
What were the amounts of real GDP in 1984 and 2005?
Real GDP in 1984 = $
Real GDP in 2005 = $
Determine the
Instructions: Enter your response as an index number rounded to one decimal place.
GDP price index =
By what percentage did the price level, as measured by this index, rise between 1984 and 2005? %
What were the amounts of real GDP in 1984 and 2005?
Real GDP in 1984 = $
Real GDP in 2005 = $
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