Question
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008.
Prices and Quantities
| Year | Price of Cereal | Quantity of Cereal | Price of Milk | Quantity of Milk |
| 2008 | $4.00 | 1000 | $1.50 | 1110 |
| 2009 | $4.00 | 1500 | $2.00 | 1290 |
| 2010 | $5.00 | 1600 | $2.50 | 2020 |
| 2011 | $6.00 | 1500 | $3.50 | 2200 |
- Refer to Table 2. For 2010, calculate the (1) real GDP and (2) the GDP Deflator.
- Refer to Table 2. For 2011, calculate the (1) real GDP and (2) the GDP Deflator.
- Refer to Table 2. Calculate the countrys inflation rate from 2010 to 2011.
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Auditing And Accounting Cases Investigating Issues Of Fraud And Professional Ethics
Authors: Jay Thibodeau, Deborah Freier
3rd Edition
0078110815, 9780078110818
