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68 UNIT 2 Macroeconomics LESSON 2 ACTIVITY 11 (continued) Year 1 as well as in the base year. The rate of change in this index is determined by looking at the per- centage change from one year to the next. If, for example, the consumer price index were 150 in one year and 165 the next, then the year-to-year percentage change is 10 percent. You can compute the change using this formula: Price change change in CPI beginning CPI X 100 Here's the calculation for the example above: 165 150 Price change = x 100 = 10% 150 Fill in the blanks in Figure 11.2, and then use the data to answer the questions. Figure 11.2 Prices of Three Goods Compared with Base-Year Price Quantity Bought in Base Year Unit Price in Base Year Spending in Base Year Unit Price in Year 1 Spending in Year 1 Unit Price in Year 2 Spending in Year 2 Whole pizza 30 $5.00 $7.00 $9.00 Prerecorded audio cassette 40 6.00 5.00 4.00 Six-pack of soda 60 1.50 2.00 2.50 Total 4. What is the total cost of buying all the items in Year 2? 5. What is the CPI for Year 2? 6. What is the percentage increase in prices from the base year to Year 2? 7. In August 2000 the CPI was 172.8, and in August 2001 the CPI was 177.50. What was the percent- age change in prices for this 12-month period? Part C Measuring Short-Run Economic Growth quan- The gross To measure fluctuations in output (short-run economic growth), we measure increases in the tity of goods and services produced in the economy from quarter to quarter or year to year. domestic product, or GDP, is commonly used to measure economic growth. The GDP is the dollar value at market prices of all final goods and services produced in the economy during a stated period. Advanced Placement Economics Macroeconomics: Student Activities National Council on Economic Education, New York, N.Y.