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Principles of Macroeconomics

Consumer Price Index [pound of Corn]

Year Current Base Year Price Price Price Index

2006 $1.00 $1.00 100
2007 $1.25 A 125
2008 $1.34 $1.00 B
2009 C $1.00 146

Consider the price index above. What are the values for A, B, and C? Was there inflation from 2006 to 2009? If the price changes above occurred for all goods across the economy during the four year period, explain how nominal GDP and real GDP would differ.

 

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