price index this year - price index last year) / price index last year x 100 is the formula for the ______.Multiple choice question.price rateGDP growthGDP deflatorinflation rate

The formula for calculating a price index is ______.Multiple choice question.real GDP divided by nominal GDPthe price of a market basket in a specific year divided by the price of the same market basket in the base year multiplied by 100the price of the market basket in the base year divided by the price of the same market basket in a specific year multiplied by 100real GDP multiplied by nominal GDP

What is the formula for calculating the inflation rate?Multiple choice question.(price index this year - price index last year) x price index last year(price index this year - price index last year) / price index this year x 100(price index this year - price index last year) / price index last year x 100(price index this year - price index last year) x 100

The price of a market basket of goods in a specific year divided by the price of the same market basket of goods in the base year multiplied by 100 is called a ______.Multiple choice question.price indexreal GDPconsumption indexnominal GDP

Suppose 2017 is the base year, the value of consumer price index (CPI) in 2022 was 140 meansThis is a multi answer question. You can select one or more options as the answer.A.The value of CPI in 2017 was $140.B.The price in 2022 was increased by 40% than 2017.C.The average price level in 2022 was increased by 40% than 2017.D.The inflation rate was 140% in 2022.

The following are simple price indices for a commodity: Year 2017 2018 2019 Price index (2017 = 100) 100 108.60 127.10 Price index (2018 = 100) 100 Based on the above information, calculate the simple price index for 2017 using 2018 as a new base year. Round your final answer to two decimal places.