Sample questions for midterm

The base year is 2013 prices and quantities year

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The base year is 2013 . Prices and Quantities Year Price of Waffles Quantity of Waffles Price of Pancakes Quantity of Pancakes 2010 $2.00 80 $1.00 100 2011 $2.00 100 $2.00 120 2012 $2.00 120 $3.00 150 2013 $4.00 150 $3.00 200 Refer to Table 23-6. In 2013, this country's GDP deflator was The inflation rate is defined as the A. price level in an economy. B. percentage change in the price level from the previous period. C. change in the price level from one period to the next. D. price level minus the price level from the previous period.
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