Solve only question 2-4 1) The Consumer Price Index (CPI) is a fixed basked price index. Which of the following is a potentialproblem with fixed basket price indices?A) A fixed basket approach tends to overestimate the rate of inflation, because people tend to buy moreof things as they get more expensive.B) A fixed basket approach tends to overestimate the rate of inflation, because people tend to buy lessof things as they get more expensive.C) A fixed basket approach tends to underestimate the rate of inflation, because people tend to buymore of things as they get more expensive.D) A fixed basket approach tends to underestimate the rate of inflation, because people tend to buy lessof things as they get more expensive.For questions 2-4, use the following information about the economy of Macrovia.Year 1Year 2Personal Consumption$3,000,000$4,000,000ExpendituresGross private domestic$1,000,000investmentGovernment purchases of goods $500,000and servicesExportsImportsPopulation2) The GDP of Macrovia in year 1 isA) $4,000,000B) $5,600,000C) $6,600,000D) $5,000,000$300,000$800,0002003) Between year 1 and year 2, the GDP of MacroviaA) stayed the sameB) increased by 300%C) doubledD) tripled4) Between year 1 and year 2, per capita GDP in MacroviaA) stayed the sameB) increased 300%C) doubledD) tripled$2,000,000$1,900,000$800,000$700,000400

Gross domestic product (GDP) is the standard measure of the value added created through the…

2) The GDP of Macrovia in year 1 is A) $4,000,000 B) $5,600,000 C) $6,600,000 D) $5,000,000 3) Between year 1 and year 2, the GDP of Macrovia A) stayed the same B) increased by 300% C) doubled D) tripled 4) Between year 1 and year 2, per capita GDP in Macrovia A) stayed the same B) increased 300% C) doubled D) tripled

2) The GDP of Macrovia in year 1 is A) $4,000,000 B) $5,600,000 C) $6,600,000 D) $5,000,000 3) Between year 1 and year 2, the GDP of Macrovia A) stayed the same B) increased by 300% C) doubled D) tripled 4) Between year 1 and year 2, per capita GDP in Macrovia A) stayed the same B) increased 300% C) doubled D) tripled

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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