The following table shows the market basket for a normal household and the unit prices for the items
tutor4helpyou (Not rated)
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- The following table shows the market basket for a normal household and the unit prices for the items in the basket for different years.
Market Basket | Unit Prices in 2000 | Unit Prices in 2001 | Unit Prices in 2002 |
60 hotdogs | $2 | $3 | $3 |
10 gallons of milk | $4 | $5 | $4 |
5 T-shirts | $20 | $25 | $30 |
4 movie tickets | $6 | $8 | $10 |
What is the annual inflation rate in 2002 (as measured by the percent change in the CPI from 2001 to 2002)?
2. The following table represents GDP data for Macroland for selected years.
| 2007 | 2008 | 2009 | |||
| Quantity | Unit Price | Quantity | Unit Price | Quantity | Unit Price |
Apples | 300 | $4 | 400 | $4 | 300 | $5 |
Bananas | 500 | $3 | 700 | $5 | 800 | $4 |
Oranges | 1,000 | $1 | $800 | $1 | $1,200 | $2 |
Using 2007 as the base year, find the GDP deflator in 2009. Calculate the annual inflation rate in 2009 (as measured by the percent change in the GDP Deflator from 2008 to 2009).
12 years ago
The following table shows the market basket for a normal household and the unit prices for the items
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