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

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

f the price of a basket of goods in year 2 is $11 and the price of the same basket of goods is $10 in the year 1 (the base year), then the price index for year 2 is:Multiple choice question.1101.1

f the price of a market basket of goods in year 1 is $10 and $12 in year 3 and the base year is year 1, the price index for year 3 is

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

Suppose the total expenditure for a market basket of goods in year 1 (the base year) is $200 billion. In year 2 the expenditure for the same market basket of goods is $220 billion. What is the CPI for the economy in year 2?Group of answer choices22090109110120