In an economy, the total expenditures for a market basket of goods in year 1 (the base year) were $5,000 billion. in year 2, the total expenditure for the same market basket of goods was $5,500 billion. what was the gdp price index for the economy in year 2?

The GDP price index for the economy in year 2 is 110.

Explanation:

It is given that the total expenditures for a market basket of goods in year 1 (the base year) were $5,000 billion.

Price of market basket in base year = $5000

In year 2, the total expenditure for the same market basket of goods was $5,500 billion.

Price of market basket in specific year = $5500

GDP price index:

Therefore the GDP price index for the economy in year 2 is 110.

eds? ederal government or feds

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