Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 110 $55.00 120 $70.00 120 $75.00 Hamburgers 80 2.50 110 2.50 125 2.75 Shirts 70 40.00 60 35.00 85 35.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 9275.00 (round your answer to the nearest penny) and the real GDP for 2021 equals $ 10312.50 (round your answer to the nearest penny). b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

A typical consumer in Lykesville has a market basket consisting of 4 strawberries, 9 grapefruits, and 5 blueberries. The data table below provides information on Lykesville's prices of strawberries, grapefruits, and blueberries from 2008 through 2010. 2008 2009 2010 unit of strawberries $1.1 $1.5 $1.2 Price per unit of grapefruits $1 Price per unit of blueberries $0.9 $1.2 Price per $1.4 $1.4 $2 What was the cost of the market basket in 2009? What was the price index in 2009, assuming 2008 is the base year?

Robots at Kroger, Walmart, and Whole Foods The grocery industry is stepping up its investment in robot technology. Retailers are spending an estimated $3.6 billion in robot technology globally, and are expected to invest $12 billion by 2023. Source: Forbes, July 29, 2019 Explain how the widespread use of farm robots will change the rental rate of farm land. www. Q Search Most likely, the widespread use of retailers' robots will OA. decrease the value of marginal product of mall land will decrease OB. not change, the prices of the retail goods will not change OC. increase, the quantity of land used for malls will decrease OD. not change; the quantity of land used for malls will increase the rental rate of mall land because Next

Price (dollars per pizza) 6 S S2 Quantity (millions of pizzas per year) In the above figure, the movement from point a to point b reflects a decrease in the cost of the tomato sauce used to produce pizza. an increase in the number of producers of pizza. an increase in the supply of pizza. a decrease in income if pizza is a normal good. an increase in the price of pizza.