use the table Assume that the reference base year is 2002 (CPI = 100) a) What is the CPI (consumer price index) in 2012? b) What is the nominal GDP and real GDP in 2012? c) By what percentage did the economy grow between 2002 and 2012?
use the table Assume that the reference base year is 2002 (CPI = 100) a) What is the CPI (consumer price index) in 2012? b) What is the nominal GDP and real GDP in 2012? c) By what percentage did the economy grow between 2002 and 2012?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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use the table
Assume that the reference base year is 2002 (CPI = 100)
a) What is the CPI (
b) What is the nominal
c) By what percentage did the economy grow between 2002 and 2012?
![Use the table below to answer the following question.
Suppose a simple economy produces three goods only.
The price and output data for some selected years are shown below.
Price
Price
Quantity
Quantity
(number)
(dollars)
(dollars)
(number)
2002
2012
2002
2012
0.75
Pop
Crackers
1.10
100
120
1.25
2.10
300
280
Cucumbers
2.00
3.00
200
190](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd179663f-05cb-4730-b414-78696cae0cbd%2Fb972e466-ee2e-4fe4-b87c-ea9d47344cf1%2Fm8cftz_processed.png&w=3840&q=75)
Transcribed Image Text:Use the table below to answer the following question.
Suppose a simple economy produces three goods only.
The price and output data for some selected years are shown below.
Price
Price
Quantity
Quantity
(number)
(dollars)
(dollars)
(number)
2002
2012
2002
2012
0.75
Pop
Crackers
1.10
100
120
1.25
2.10
300
280
Cucumbers
2.00
3.00
200
190
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