Social Science/Economics?

Good: CDs
Quantity 2001:10
Quantity 2002:15
Price 2001:$16
Price 2002:$12

Good:Gas
Quantity 2001:200 gallons
Quantity 2002:180 gallons
Price 2001:$1
Price 2002:$1.25

1. If 2001 is the base year, what is the CPI for a market basket of goods in 2002?
2. If the 2001 is the base year, what is the GDP (implicit price) deflator for a market basket of goods in 2002?
3.If 2001 is the base year, what is the growth of GDP in current prices?
4. If 2001 is the base year, what is the growth of GDP in base period prices?
5.If 2001 is the base year, what is the chain-weight growth rate of GDP?
6. Suppose that in the base year of 2000 the GDP=200. In 2002, GDP=250 and the CPI=125. What has happened to real GDP between 2000 and 2002?

A market basket in economics refers to

A.the varieties of goods and services purchased by consumers
B.a combination of markets, such as perfect competition and monopoly
C.the apparatus used to transport goods
D.the product mix produced by firms

Answer:
A market basket in economics refers to

A.the varieties of goods and services purchased by consumers

(there is one)
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