From 2011 Past Final Exam

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Economics for Management Studies
Iris Au

From 2011 Past Exam Question 3 – Question 5: Macroland consumes 4 goods (apples, pens, DVD, and bread). Households purchases all apples and bread, one-third (⅓) of pens and half (50%) of the DVD. The remaining (consumption of) pens and DVD are equally split between firms and the government. In addition, half of the bread is imported from foreign countries, while the remaining goods are produced locally. The following table shows the quantities of goods consumed and their prices. The Statistics Department of Macroland chooses 2010 as the base year. 2009 2010 Good Quantity Price Quantity Price Apples 175 $3 200 $2 Pens 150 $4 150 $4.5 DVD 50 $35 60 $40 Bread 10 $8 10 $10 Question 3 What is the GDP deflator in 2009 (rounded to 2 decimal places)? A) 87.23 B) 94.56 C) 94.80 D) 95.04 E) 95.17 F) 99.75 G) 100 H) 100.26 I) 105.49 J) 11
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