The Table Below Shows Output And Prices During 2020 In A Hypothetical Economy That Produces Only Two Goods-Sweatshirts And Bags Of Chips. Use The Table To Respond To The Questions Below, Writing Out Price Index Values As Whole Numbers Without Decimals E.G. 110, And Monetary Values In Dollars And Cents E.G. $1.00. Sweatshirts Bags Of Chips Output In 2020 7 80

 

The table below shows output and prices during 2020 in a hypothetical economy that produces only two goods-sweatshirts and bags of chips. Use the table to respond to the questions below, writing out price index values as whole numbers without decimals e.g 110, and monetary values in dollars and cents e.g. $1.00. Output in 2020 Sweatshirts Bags of chips 7 80 Prices in 2020 (5) 18.00 1.40 Prices in 2019 (5) 12.00 1.10 a. The total value of the economy's output in 2020 valued in 2020 prices is $[ b. The total value of the economy's output in 2020 valued in 2019 prices is $[ c. The value of the GDP deflator in 2020 if 2019 is treated as the reference year is [ d. The GDP deflator differs from the consumer price index in that the GDP deflator includes [(Click to select) weights prices in both the current and reference year in terms of (Click to select) quantities and