The Following Data on Prices and Quantities for the Years

question 2

Short Answer

The following data on prices and quantities for the years 1995 and 2000 are given for three products.
Calculate the 2000 aggregate price index.

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Definitions:

Unreported Income

Earnings not declared to tax authorities, often to evade taxation; part of the informal or shadow economy.

GNP

Gross National Product is the total dollar value of all goods and services produced over a specific time period by the nationals of a country, regardless of where the production takes place.

GDP

Gross Domestic Product; the total value of all goods and services produced over a specific time period within a country.

Per Capita GDP

The average economic output per person, calculated by dividing the Gross Domestic Product (GDP) of a country by its total population.