Principles of Macroeconomics

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Year 2005

Year 2006

Item

Quantity

Price

(per unit)

Quantity

Price

(per unit)

Pizza

 

1,000

$10

1,200

$15

Lemonade

 

5,000

$2

6,000

$2

 

Table 1

 

6. Table 1 above gives the production and prices for a small nation that produces only pizza and lemonade. The base year is 2005. What is real GDP in 2006?

 

A. $20,000

 

B. $24,000

 

C. $25,000

 

D. $30,000

 

 

 

11. The data in Table 2 above shows the consumption by families in an economy. The year 2009 is the base year. What is the CPI for 2010?

 

Item

Quantity

 (2009)

Price per unit

    (2009)

Quantity

 (2010)

Price per unit

    (2010)

Magazines

400

$5.00

400

$4.50

Movie

tickets

50

$6.00

50

$8.00

 

 

 

A. 95.65

 

B. 100

 

C. 220

 

D. 104.55

 

E. 230

 

 

 

 

 

 

 

 

 

 

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