Reference no: EM132456517

1. The table below pertains to Pieway, an economy in which the typical consumer's basket consists of 15 bushels of peaches and 10 bushels of pecans.

Year Price of Peaches Prices of Pecans

2012 $11 per bushel $6 per bushel

2013 $9 per bushel $10 per bushel

A. 95.7 B. 100.0 C. 104.4 D.110.0

2. Who is included in the labor force by the Bureau of Labor Statistics?

A. Dia , an unpaid homemaker not looking for other work B. Kevin, a full time student not looking for work C. Sarah, who does not have a job but is looking for work D. None of the above is correct

3. The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2015

Year Price of Cereal Quantity of Cereal Price of Milk Quantity of Milk

2015 $4.00 100 $1.50 180

2016 $4.00 120 $2.00 200

2017 $5.00 150 $2.50 200

2018 $6.00 180 $3.50 240

A. Real GDP was$880and the GDP deflator was 111.4 B.real GDP was$780and the GDP deflator was 88.6 C.real GDP was$880and the GDP deflator was 112.8 D.real GDP was$780and the GDP deflator was 112.8