Macroeconomics
Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 6, Problem 3QP
To determine

The total dollar expenditure.

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A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 10 20 50 13 2021 15 30 60 15 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 1 karaoke machine and 5.
A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts:   Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 10 40 30 10 2021 12 60 50 12   Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is    . (Note: Use 2020 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.)   Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is    . (Note: Again, use 2020 as the base year.)   Which of the following statements is correct?      1.The GDP deflator holds the basket of goods and services constant.   2.The inflation rate in 2021 is not the same using the two methods.   3. The CPI allows the basket of goods and services to change.
Britney is a baseball fan and attends several games per season. Her expenses per season are listed in the table below: Year 2 Year 1 5 Baseball $500$560 Tickets Jersey $120 $150 $150 $160 Food Transport $60 S$70 Assuming that year 1 is the base year, calculate the price index for year 1 and for year 2. 100, 113 100, 88 88, 113 88, 100
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