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2.1 The measurement of macroeconomic performance

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Question 5

Table 1: Agricultural Sector Output (2021–2024)

YearNominal value of agricultural output ( \\\,1\text{ billion}$)Agricultural producer price index (2022=1002022 = 1002022=100)Real value of agricultural output at 202220222022 prices (\\1\text{ billion}$)
202112080?
2022165100165
2023198110?
2024224112200

Using the data in Table 1, which one of the following is correct?

The real value of agricultural output in 202120212021 at 202220222022 prices was \\96\text{ billion}$

The real value of agricultural output in 202120212021 at 202220222022 prices was \\150\text{ billion}$

The real value of agricultural output in 202320232023 at 202220222022 prices was \\178\text{ billion}$

The real value of agricultural output in 202320232023 at 202220222022 prices, to the nearest billion, was \\218\text{ billion}$

2.1 The measurement of macroeconomic performance Questions

  1. A Level
  2. /Economics
  3. /2.1 The measurement of macroeconomic performance