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Assume a basket of products cost $5 million in the base year

Question # 00578113
Subject: Economics
Due on: 08/24/2017
Posted On: 08/24/2017 08:26 AM

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Calculating Real Prices, GDP and Wages

Assume a basket of products cost $5 million in the base year and the following is true in 2012:

The same basket of products cost $8 million in 2012
GDP = $14.4 trillion
money wages = $96,000/year
the price of gas = $2.80/gallon
the money supply = $1.6 trillion

Now determine the following and explain:

a. Price Index for 2012
b. Real GDP
c. Real wages
d. Real price of gas
e. Real money supply or real balances
f. Price index for 2013 if the .com/economics/inflation">inflation rate is 2% from 2012 to 2013.

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Assume a basket of products cost $5 million in the base year

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