Consider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods. Manufactured Goods Services Quantity Price Quantity Price Year 1983 100 $4 100 $7 2012 240 $12 420 $12 2021 340 $16 600 $14 The GDP Deflator for 2021 (2012 = 100) is O 110 O B. 122 OC.160 O D. 200 Reset Selection
Consider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods. Manufactured Goods Services Quantity Price Quantity Price Year 1983 100 $4 100 $7 2012 240 $12 420 $12 2021 340 $16 600 $14 The GDP Deflator for 2021 (2012 = 100) is O 110 O B. 122 OC.160 O D. 200 Reset Selection
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Consider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods.
Manufactured Goods
Services
Year
Quantity
Price
Quantity
Price
1983
100
$4
100
$7
2012
240
$12
420
$12
2021
340
$16
600
$14
The GDP Deflator for 2021 (2012 = 100) is
O A. 110
О В. 122
O . 160
O D. 200
Reset Selection
Question 14 of 25
Consider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods.
Manufactured Goods
Services
Year
Quantity
Price
Quantity
Price
1983
100
$4
100
$7
2012
240
$12
420
$12
2021
340
$16
600
$14
The CPI (1983 = 100) for 2021 is
А. 320
B. 255
C. 220
O D. 280
Reset Selection](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa32ca939-5a30-4a13-9b4c-3192970e050d%2F1c83b547-71fd-4f6b-84a9-e31913f1fbaf%2Fufvnt3k_processed.png&w=3840&q=75)
Transcribed Image Text:Consider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods.
Manufactured Goods
Services
Year
Quantity
Price
Quantity
Price
1983
100
$4
100
$7
2012
240
$12
420
$12
2021
340
$16
600
$14
The GDP Deflator for 2021 (2012 = 100) is
O A. 110
О В. 122
O . 160
O D. 200
Reset Selection
Question 14 of 25
Consider the following data on prices and production values. The average houschold spend 60% of their monthly income on services and 40% of their monthly income on manufactured goods.
Manufactured Goods
Services
Year
Quantity
Price
Quantity
Price
1983
100
$4
100
$7
2012
240
$12
420
$12
2021
340
$16
600
$14
The CPI (1983 = 100) for 2021 is
А. 320
B. 255
C. 220
O D. 280
Reset Selection
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