26 Jul WHAT WERE THE AMOUNTS OF REAL GDP IN 1984 AND 2005?
Suppose that in 1984 the total output in a single-good economy was 10000 buckets of chicken and the Show more Suppose that in 1984 the total output in a single-good economy was 10000 buckets of chicken and the price of each bucket of chicken was $15. In 2005 the price per bucket of chicken was $20 and 22000 buckets were produced. Determine the GDP price index for 1984 using 2005 as the base year. GDP price index = By what percentage did the price level as measured by this index rise between 1984 and 2005? = What were the amounts of real GDP in 1984 and 2005? Real GDP in 1984 = Real GDP in 2005 = Show less
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