year price of apple price of oranges

2016 3.00 1.00

2017 4.00 2.00

Refer to table above of a consumers basket that consists of apples and oranges. What is the consumer price index for 2017 if the base year is 2016?

-10

-20

-50

-100

-150

Statistics 2006 2007 2008

PRODUCT Q P Q P Q P

Window washing 90 $50 100 $60 100 $65

Baseballs 72 $2 100 $2 120 $2.25

Hammers 50 $30 50 $25 65 $25

Based on the data given, calculate nominal gdp for year 2007

-$7450

-$6150

-$8395

-$10,000

Statistics 2006 2007 2008

PRODUCT Q P Q P Q P

Window washing 90 $50 100 $60 100 $65

Baseballs 72 $2 100 $2 120 $2.25

Hammers 50 $30 50 $25 65 $25

Based on the data given above, calculate the real gdp for year 2007

-$6700

-$4585

-$5495

-None of the above

(Using the same Numbers above) Based on the data above, What is the real gdp for 2008?

-$3585

-$7190

-$6190

-$7395

(Again using the same data above) According to the data given, what is the nominal gdp for 2006?

-$6150

-$5500

-$7395

-$6190

If real gross domestic product (GDP) in a particular year is $5,000 trillion and nominal gross domestic product (GDP) in that same year is $4,000 trillion, then the:

-consumer price index (CPI) is 125.

-economic activity has decreased by 20 percent.

-GDP price index is 125.

-GDP price index is 80.

-economy has grown by 20 percent.

Real gross domestic product (GDP) shows _____

-total spending on intermediate goods and services.

-the dollar value of GDP in a particular year measured in base-year prices.

-net domestic product.

-nominal GDP adjusted for taxes.

-domestic income.