By what percentage did the price level rise

Reference no: EM13177557

Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 25,000 buckets were produced.

Determine the GDP price index for 1984, using 2005 as the base year.

Instructions: Enter your response as an index number rounded to one decimal place.

GDP price index = 50

By what percentage did the price level, as measured by this index, rise between 1984 and 2005? 100 %

What were the amounts of real GDP in 1984 and 2005?

Real GDP in 1984 =____ $

Real GDP in 2005= ______$

Reference no: EM13177557

Questions Cloud

Determine the growth rate of the economy''s real gdp : Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita? (Instructions: Round your answer to two decimal places.) The growth rate of the economy's real GDP per capita = %

Find an equation of the line passing : find an equation of the line passing throughout (-3,4) and parallel to the x-axis.

Preferred method of asset and liability valuation : The accounting standards refer to the preferred method of asset and liability valuation as ‘fair value'. A review of published financial statements indicates that ‘historic cost' is much more commonly used. Why do you think this is so? What is you..

Define the random variable : Let X be a continuous random variable with the PDF f and the CDF F. Assume that f(x) > 0 for all real numbers x. Define the random variable Y = F (X ). Show that Y is uniform in the interval [0, 1].

By what percentage did the price level rise : Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 25,000 buckets were produced. Determine the GDP price..

Describe the results of the tests : Hypothesis Testing Paper Select a research issue, problem, or opportunity facing an organization that could benefit from hypothesis testing.

How much did he borrow at 16 percent : To start a business, Tom borrowed $20,000, part at 16% annual interest rate and part at 15%. If the total amount of interest on both loans is $3120, how much did he borrow at 16%?

Write equation for autonomous planned spending : Suppose the equation for th LM curve is Y=13500+100r. Use this equation to explain the level of income at which there is a zero lower bound on the federal funds rate, the interest rate that the Fed controls. C) Graph the LM curve for interest rate..

Find the length of the shadow on the wall : A 12-centimeter rod is held between a flashlight and a wall as shown. Find the length of the shadow on the wall if the rod is 45 cm from the wall and 15 cm from the light.

User Account

All Pages