In: Economics
21. The inflation rate between the years 2000 and 2001 was 3.43%. Based on this information, a basket of goods that cost $178 in the year 2000 would now cost how much in the year 2001? Enter a number rounded to two decimal places.
22.
Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base year is year 1.
Good |
P1 |
Q1 |
P2 |
Q2 |
Milk (gallons) |
$4.10 |
40 |
$4.20 |
50 |
Beef (pounds) |
$1.90 |
20 |
$2.20 |
25 |
Carrots (bags) |
$4.50 |
10 |
$4.80 |
15 |
Enter numbers rounded to two decimal places in each blank.
Real GDP in year 1 is $ .
Real GDP in year 2 is $ .
21. Cost in the year 2001 $ 184.10
22. Real GDP in year 1 is $ 247.00
Real GDP in year 2 is $ 320.00