(Answered)-Year Price of Good 1 Quantity of Good 1 Price of Good 2 Quantity - (2025 Updated Original AI-Free Solution

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Academic Level: Undergrad. (yrs 3-4)

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Question

  1. ?
    Year Price of Good 1 Quantity of Good 1 Price of Good 2 Quantity of Good 2
    2009 $20 50 $10 20
    ... ... ... ... ...
    2014 $30 60 $20 30
    2015 $33 70 $22 35

    Consider the table above that shows prices and quantities of two goods produced in a hypothetical country. The base year is 2009. The inflation rtae (as measured by the GDP deflator) from 2014 to 2015 equals (numbers in percentages):?

    Inflation rate = 7%

    Inflation rate = 8%

    Inflation rate = 9%

    Inflation rate = 10%

    Inflation rate = 11%