Measuring Inflation and Unemployment-Work It Out: Question 1 of 4 Suppose the country of Snowland uses the following mar

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Measuring Inflation and Unemployment-Work It Out: Question 1 of 4 Suppose the country of Snowland uses the following market basket of goods to determine its consumer price index, with Year I being the base year with a CPI of 100. Nominal GDP is also provided. Gallon of gasoline Calculate the CPI in Snowland for each year, using Year 1 as the Scented candle base year with CPI equal to 100. Nominal GDP Round to three decimal places where necessary. You will need these CPI values to complete the next question. Year 1: Market basket iterns Loaf of bread Movie ticket Year 3 Year 2: Year 4: Year 1 $2.50 $0.00 Year 2 $2.00 $8.50 $3.50 $4.20 $12.00 $13.20 $5.6 billion $5 billion Year 3 53.00 $9.20 54.00 $14.00 56.1 billion Year 4 $3.10 $9.50 $3.60 $14.30 56.5 billion
Measuring Inflation and Unemployment-Work It Out: Question 3 of 4 Using the CPI, calculate the real GDP in each of the four years. Loaf of bread Round your answers to three decimal places where necessary. Movie ticket Year 1:$ Year 3: S billion Market basket aterns billion Gallon of gasoline Scented candle Nominal GOP Year 2: $ Year 4: S Year 1 $2.50 $8,00 $3.50 Year 2 $2.00 $8,80 $4.20 $12.00 $13.20 $5.6 $5 billion billion Year 3 $3.00 $9.20 $4.00 $14.00 56.1 billion Year 4 $3.10 $9.50 $3,60 $14.30 $6.5 billion billion billion
Measuring Inflation and Unemployment-Work It Out: Question 4 of 4 Market basket iterns Between Year 1 and Year 4, what was the proportion of the total Loaf of bread increase in nominal GDP due to inflation? Movie ticket Please round your answer to a whole number. Increase in nominal GDP due to inflation: Gallon of gasoline Scented candle Nominal GDP Year 1 $2.50 $8.00 $3.50 Year 2 $2.00 $8.80 54.20 $12.00 $13.20 $5 $5.6 bilion billion Year 3 $3,00 $9.20 54.00 $14.00 $6.1 billion Year 4 $310 $9.50 $3.50 $14.30 $6.5 billion %