In 2021 and in 2022, consumers bought only chocolate bars…

  In 2021 and in 2022, consumers bought only chocolate bars and bags of taffy, and the table shows the data.     The reference base period is 2021, and 2021 is also the year of the Consumer Expenditure Survey. Calculate the inflation rate in 2022. Round to one decimal.

Suppose that a simple economy produces only the following fo…

Suppose that a simple economy produces only the following four goods and services: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used in the production of shirts. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2019.     The Nominal GDP for the year 2019 is: