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

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

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 that in 1984 the total output in a single-good economy was 7,000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2005 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Instructions: In part a, enter your answer as an index number rounded to 1 decimal place. In parts b-c, enter your answers as whole numbers. a. What is the GDP price index for 1984, using 2005 as the base year? . b. By what percentage did the price level, as measured by this index, rise between 1984 and 2005?  percent. c. What were the amounts of real GDP in 1984 and 2005?      In 1984, real GDP = $ .      In 2005, real GDP = $ .

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

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