Production Prices Year1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 60 80 100 $1.00 $1.00 $1.40 Good Y 100 110 130 $0.80 $0.90 $1.00 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is Select one: O a. 100 O b. 93.9 O c. 106.5 O d. 179

Production Prices Year1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 60 80 100 $1.00 $1.00 $1.40 Good Y 100 110 130 $0.80 $0.90 $1.00 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is Select one: O a. 100 O b. 93.9 O c. 106.5 O d. 179

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Production
Prices
Year1 Year 2 Year 3
Year 1 Year 2 Year 3
Good X
60 80
100
$1.00 $1.00 $1.40
Good Y
100 110 130
$0.80 $0.90 $1.00
Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value
for this economy's GDP deflator in year 2 is
Select one:
O a. 100
O b. 93.9
O c. 106.5
O d. 179

Andre owns his own business. Oscar is an unpaid worker in his family's business. Who is included in the Bureau
of Labor Statistics' "employed" category?
Select one:
O a. only Oscar
O b. neither Andre nor Oscar
O . only Andre
O d. both Andre and Oscar

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