12. (LO 3) The economy of Sumer produces only three products: rice, pajamas, and beer. The base...

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12. (LO 3) The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2013. The quantities and prices of these products in 2013 and 2014 are shown in Table 4.16.

a) Complete Table 4.16.

b) What is the value of the GDP deflator in 2014?

c) Suppose the average inhabitant of Sumer consumes 10 units each of beer and rice and 2 units of pajamas each year. Complete Table 4.17.

d) What is the value of the CPI for 2014?

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Principles Of Macroeconomics

ISBN: 9780226818399

8th Edition

Authors: Sayre, J.E.; Morris, A.J.

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Question Posted: Nov 11, 2024 02:00 AM

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12. (LO 3) The economy of Sumer produces only three products: rice, pajamas, and beer. The base...

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Principles Of Macroeconomics

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