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Answer: The answer is as follows:
Explanation:
Given that,
Output in 1984 = 7,000 buckets of chicken
Price in 1984 = $10
Output in 2005 = 22,000
Price in 2005 = $16
(1) GDP price index for 1984, using 2005 as the base year:
=
=
= 62.5
(2) Price level, as measured by this index, rise between 1984 and 2005:
Percentage change in the price level =
=
= 60%
(3) Real GDP for t year = Base price × Quantity in t year
Real GDP in 1984 = Quantity in 1984 × Price in 2005
= 7,000 × 16
= $ 112,000
Real GDP in 2005 = Quantity in 2005 × Price in 2005
= 22,000 × 16
= $ 352,000