Determine real gdp for 1984 and 2000

Reference no: EM131244040

Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2000 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Determine the GDP price index for 1984, using 2000 as the base year. By what percentage did the price level, as measured by this index, rise between 1984 and 2000? Use the two methods listed in Table 24.6 to determine real GDP for 1984 and 2000.

Reference no: EM131244040

Questions Cloud

Create a staffing plan for your department : Create a staffing plan for your department. Will you use core workers only? Contingent workers only? A blend of both? What are some of the problems that your company is likely to face when both contingent workers and core employees work in the sam..

How do the given three qualitative techniques differ : How do these three qualitative techniques differ? When is appropriate to use which technique? For each video, what do you like and what do you dislike? (Hint: In the observation video, the professor is observing trash.)

How net exports might be a negative amount : What is the amount of the United States' net exports? Explain how net exports might be a negative amount.

What companies are likely to use nearshoring or reshoring : Referring to the videos on Outsourcing and analyze whether it makes sense for companies like Apple and Nike to bring manufacturing home instead of their current practice of outsourcing? What companies/industries are most likely to use nearshoring ..

Determine real gdp for 1984 and 2000 : By what percentage did the price level, as measured by this index, rise between 1984 and 2000? Use the two methods listed in Table 24.6 to determine real GDP for 1984 and 2000.

Coordinates of the point of intersection : Solve each of the given system by sketching the lines represented by each equation of the given system on graph paper, then estimating the coordinates of the point of intersection to the nearest tenth. check the solution.

Which of the following are included in this year''s gdp : Which of the following are included in this year's GDP?

What would you recommend to enhance the process : Do you agree with how the current faculty performance evaluations are being conducted? Are they fair? If you were Jeff Foreman, what would you propose? What would you recommend to enhance the process discussed in the case study? Please provide specif..

Why leader must be people centric in order to create an edge : Discuss the nature and types of challenges facing the leader in the 21st century and Explain why the leader must be people centric in order to create a competitive edge.

User Account

All Pages