KEY QUESTION Suppose that in 1984 the total output in a single-good economy was 7000 buckets of
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KEY QUESTION Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken.
Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2000 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Determine the GDP price index for 1984, using 2000 as the base year. By what percentage did the price level, as measured by this index, rise between 1984 and 2000? Use the two methods listed in Table 6.6 to determine real GDP for 1984 and 2000.
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