Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further assume that all of the cotton is used to produce shirts. 2009 Statistics 2016 Statistics 2017 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 100 $52.00 115 $65.00 110 $70.00 Hamburgers 85 3.00 120 3.00 135 3.50 Shirts 60 35.00 55 30.00 75 30.00 Cotton 11,000 0.85 10,000 0.70 11,000 0.75 The GDP deflator in 2017 is: O A. 100 О В. 103.3 ОС.110.9 OD 110 1

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further assume that all of the cotton is used to produce shirts. 2009 Statistics 2016 Statistics 2017 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 100 $52.00 115 $65.00 110 $70.00 Hamburgers 85 3.00 120 3.00 135 3.50 Shirts 60 35.00 55 30.00 75 30.00 Cotton 11,000 0.85 10,000 0.70 11,000 0.75 The GDP deflator in 2017 is: O A. 100 О В. 103.3 ОС.110.9 OD 110 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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