30- Consider an economy with only two goods: bread and wine. In 2000, the typical family bought 5 loaves of bread at $1.00 per loaf and two bottles of wine for $10.00 per bottle. In 2010, bread cost $1.25 per loaf and wine cost $12.00 per bottle. The CPI for 2010 is 31-All final goods and services that make up GDP can be expressed in the form: a) GDP=C+1-G+(X + M) b) GDP=C+I+G+ c) GDP=C+I+G+ (X + M) (X-M) d) GDP=C-1+G+ (X-M) e) GDP=C+1-G-(X-M)

30- Consider an economy with only two goods: bread and wine. In 2000, the typical family bought 5 loaves of bread at $1.00 per loaf and two bottles of wine for $10.00 per bottle. In 2010, bread cost $1.25 per loaf and wine cost $12.00 per bottle. The CPI for 2010 is 31-All final goods and services that make up GDP can be expressed in the form: a) GDP=C+1-G+(X + M) b) GDP=C+I+G+ c) GDP=C+I+G+ (X + M) (X-M) d) GDP=C-1+G+ (X-M) e) GDP=C+1-G-(X-M)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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