1. Which pair of percentages most accurately represents aggregate expenditure components of GDP during the last decade? The numbers below represent average percentages for each variable. Select one: a. C = 68% G = 5% b. C = 30% G = 20% c. C = 68% X-M = -4% d. C = 47% | = 16% 2. You are provided with the following information pertaining to the price index for bread. CY equals current year. BY equals base year. Year Price CÝ Price BY Price Index 2011 $2.50 $2.50 100 2012 $2.80 $2.50 112 2013 $3.00 $2.50 120 Identify the accurate statement or statements below; Select one: a. the price level increased 12% between 2011 and 2012 b.the price level increased 8% between 2012 and 2013 c. the price level increased 7.14% between 2012 and 2013 d. a. and b. above e. a. and c. above

1. Which pair of percentages most accurately represents aggregate expenditure components of GDP during the last decade? The numbers below represent average percentages for each variable. Select one: a. C = 68% G = 5% b. C = 30% G = 20% c. C = 68% X-M = -4% d. C = 47% | = 16% 2. You are provided with the following information pertaining to the price index for bread. CY equals current year. BY equals base year. Year Price CÝ Price BY Price Index 2011 $2.50 $2.50 100 2012 $2.80 $2.50 112 2013 $3.00 $2.50 120 Identify the accurate statement or statements below; Select one: a. the price level increased 12% between 2011 and 2012 b.the price level increased 8% between 2012 and 2013 c. the price level increased 7.14% between 2012 and 2013 d. a. and b. above e. a. and c. above

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

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