Consider the following data that gives the quantity produced…

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?

You are offered two jobs: one in San Diego paying $86,000 an…

You are offered two jobs: one in San Diego paying $86,000 and one in New York City paying $96,000. The CPI is 345 in San Diego and 380 in New York City. Suppose you like San Diego but money is an important variable as well. How much more on top of the current offer would you ask San Diego employer so they are just matching NYC offer?

Suppose a basket of goods and services has been selected to…

Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 1984 has been chosen as the base year. In 1990, the basket’s cost was $2,000; in 2023, the basket’s cost was $6,400; and in 2024, the basket’s cost was $6,600. The value of the CPI in 2024 was