The following table shows the market basket for a normal household and the unit prices

  1. The following table shows the market basket for a normal household and the unit prices for the items in the basket for different years. 

 

Market Basket

Unit Prices in 2000

Unit Prices in 2001

Unit Prices in 2002

60 hotdogs

$2

$3

$3

10 gallons of milk

$4

$5

$4

5 T-shirts

$20

$25

$30

4 movie tickets

$6

$8

$10

What is the annual inflation rate in 2002 (as measured by the percent change in the CPI from 2001 to 2002)?

 

 

2. The following table represents GDP data for Macroland for selected years.

 

 

2007

2008

2009

 

Quantity

Unit Price

Quantity

Unit Price

Quantity

Unit Price

Apples

300

$4

400

$4

300

$5

Bananas

500

$3

700

$5

800

$4

Oranges

1,000

$1

$800

$1

$1,200

$2

 

Using 2007 as the base year, find the GDP deflator in 2009.  Calculate the annual inflation rate in 2009 (as measured by the percent change in the GDP Deflator from 2008 to 2009).

Answers

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