Business, 19.02.2020 05:55 HernanJe6

A small nation of 10 people idolizes the TV show American Idol. All they produce and consume are karaoke machines and CD's, in the following amounts:

Karaoke Machines/CD's
(Quantity&Price)/(Quantity& Price)
201410&$40/30&$10
201512&$60/50&$12
1. Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is _ . (Note: Use 2014 as the base year, and fix the basket at 1 karaoke machine and 3 CD's.)

2. Using a method similar to that used to calculate the GDP deflator, the percentage change of the overall price level is _ . (Note: Again, use 2014 as the base year.)

3. The inflation rate in 2015 is not the same using the two methods because the_ holds the basket of goods and services constant, while the_ allows it to change.

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A small nation of 10 people idolizes the TV show American Idol. All they produce and consume are kar...

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