Suppose the country of Snowland uses the following market basket of goods to determine its consumer price index, with Year 1 being the base year with a CPI of 100. Nominal GDP is also provided.
Market basket items: | Year 1 | Year 2 | Year 3 | Year 4 |
Loaf of bread | $2.50 | $2.80 | $3.00 | $3.10 |
Movie ticket | $8.00 | $8.80 | $9.20 | $9.50 |
Gallon of gasoline | $3.50 | $4.20 | $4.00 | $3.60 |
Scented candle | $12.00 | $13.20 | $14.00 | $14.30 |
Nominal GDP | $5 billion | $5.6 billion | $6.1 billion | $6.5 billion |
Year 1: b0g0iQ1whKk=
Year 2: s151GBiLhP22M1PQ
Year 3: wauay2qOGG/yl/kL
Year 4: aiNR3gLT7BNUYUEM
Year 2: Rnu4qR5SH9nAtx0S%
Year 3: tzPu7m/T1cN0v4Fy%
Year 4: o8LtINTe1hnX1AitF3RLqw==%
Year 1: $DYU2tVvtzEQ= billion
Year 2: $Mh3qIEoErh9pYYm2 billion
Year 3: $L9HBIFa/IPoBLnrp billion
Year 4: $nuhFguEX9/YkH85a billion