Consider a world in which there are just three goods: teepees, tobacco, and corn. Listed below are the prices and quantities of these goods produced in the base year and in the current year.       All Goods Sold in US All Goods Sold in US   Goods Consumed by Typical Consumer Goods Consumed by Typical Consumer     Base Year Current Year   Base Year Current Year Teepees               price 4 4   4 8   quantity 200 200   5 2 Tobacco               price 4 3   4 3   quantity 0 200   0 5 Corn               price 2 8   4 8   quantity 300 200   15 10     Using the GDP deflator calculation, the price level in the current year to three significant digits?       1       1.25       1.3       None of the above

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113.) Consider a world in which there are just three goods: teepees, tobacco, and corn. Listed below are the prices and quantities of these goods produced in the base year and in the current year.

 

 

 

All Goods Sold in US

All Goods Sold in US

 

Goods Consumed by Typical Consumer

Goods Consumed by Typical Consumer

 

 

Base Year

Current Year

 

Base Year

Current Year

Teepees

 

 

 

 

 

 

 

price

4

4

 

4

8

 

quantity

200

200

 

5

2

Tobacco

 

 

 

 

 

 

 

price

4

3

 

4

3

 

quantity

0

200

 

0

5

Corn

 

 

 

 

 

 

 

price

2

8

 

4

8

 

quantity

300

200

 

15

10

 

 

Using the GDP deflator calculation, the price level in the current year to three significant digits?

 

   

1

 

   

1.25

 

   

1.3

 

   

None of the above

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