Use the table below to answer the following question. Suppose a simple economy produces three goods only. The price and output data for some selected years are shown below. Price Price Quantity...


use the table


Assume that the reference base year is 2002 (CPI = 100)



a) What is the CPI (consumer price index) in 2012?






b) What is the nominal GDP and real GDP in 2012?






c) By what percentage did the economy grow between 2002 and 2012?


Use the table below to answer the following question.<br>Suppose a simple economy produces three goods only.<br>The price and output data for some selected years are shown below.<br>Price<br>Price<br>Quantity<br>Quantity<br>(number)<br>(dollars)<br>(dollars)<br>(number)<br>2002<br>2012<br>2002<br>2012<br>0.75<br>Pop<br>Crackers<br>1.10<br>100<br>120<br>1.25<br>2.10<br>300<br>280<br>Cucumbers<br>2.00<br>3.00<br>200<br>190<br>

Extracted text: Use the table below to answer the following question. Suppose a simple economy produces three goods only. The price and output data for some selected years are shown below. Price Price Quantity Quantity (number) (dollars) (dollars) (number) 2002 2012 2002 2012 0.75 Pop Crackers 1.10 100 120 1.25 2.10 300 280 Cucumbers 2.00 3.00 200 190

Jun 09, 2022
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