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Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next question. Assume that goods A, B and C are the economy’s entire output and that the base year is 2017. Good 2017 Price 2017 Quantity 2024 Price 2024 Quantity A $1.2 80 $1.4 100 B $0.5 100 $0.6 120 C $1 4 $2 6 What was the GDP deflator of 2024?

When the actual unemployment rate is more than its natural rate, the

A bakery produces bread. It pays $10 for the flour, $26 for the eggs, and $14 for the sugar. It sells the third of the output to consumers for $100 and the remaining two-thirds to fast-food restaurant for $120 which makes sandwiches and sells them for $140. These transactions contribute __________ to gross domestic product (GDP).  

Suppose the price of a movie ticket was $0.75 in 1960. The consumer price index (CPI) in 1960 was 23, and the CPI in 2024 was 320. The price of the 1960 movie ticket in 2024 dollars was  

According to the WSJ article, the US recorded higher increase in business fixed investment than other advanced economies in Europe. What was a reason for such high growth?    

Use the following table to answer the next question: Group # in Millions Work-eligible population ??? Labor force 120 Not in labor force 60 Employed 100 Unemployed ??? According to the above table, the unemployment rate in this economy is equal to

You operate a hands-on, kid-friendly science museum. Your input prices rise frequently, and you find it necessary to change your admission prices often. These frequent changes epitomize the problem of

  Tuition at a private university cost $22,000 per semester in 2014 and $44,000 in 2024. If the consumer price index (CPI) was 240 in 2014 and 330 in 2024, then we could say tuition has  

When the unemployment rate is equal to its natural rate—that is, no cyclical unemployment exists—the output level produced in the economy is

Consider the following data that gives the quantity produced and unit price for three different goods across two different years to answer the next question. Assume that goods A, B and C are the economy’s entire output and that the base year is 2017. Good 2017 Price 2017 Quantity 2024 Price 2024 Quantity A $1.2 80 $1.4 100 B $0.5 100 $0.6 120 C $1 4 $2 6 What was the real gross domestic product (GDP) in 2024?