Homework Answers
The nominal GDP of 2015 = 6*7 + 6*6 = $78
Now, the total value of same basket of goods with 2016 prices = 7*7 + 4*6 = $73.
Let the CPI of the base year,2015 be 100, the CPI in 2016 = (73/78)*100 = 93.6.
So, option A is the correct answer.
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In 2015 and in 2016, consumers in Dexter purchased only books and pens The prices and...
This Question: 1 pt 54 of 64 (31 complete) In 2016, consumers in Dexter consumed only...
This Question: 1 pt 54 of 64 (31 complete) In 2016, consumers in Dexter consumed only books and pers. The prices and quantities for 2016 and 2017 are listed in the table. The reference base period for Dexter's CP1 is 2016. What is the cost of the CPI basket in 2016? 2017 Quantity tem Books Pens 2016 Quantity Price 10 $0 20 $ 1 Price $50 15 O A 5430 OB. $335 OC. $320 OD. $540
This Question: 1 pt 19 of 64 65 complete) In 2016, consumers in Dexter consumed only...
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Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so. they...
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Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so, they...
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Question Help Economists in the Statistics Bureau decide to check the CPI substitution bias. To do...
Question Help Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so, they conduct a Consumer Expenditure Survey in both 2015 and 2016 The table shows the results of the survey. It shows the items that consumers buy and their city prices 2015 Item Quantity Price Shrimp 20 $5 Scallops 45 $3 2016 Quantity Price 25 $5 30 $5 sho year The Statistics Bureau fixes the reference base year as 2015. Calculate the CPI In...
A Consumer Expenditure Survey in Sparta shows that people buy only juice and cloth. In 2015,...
A Consumer Expenditure Survey in Sparta shows that people buy only juice and cloth. In 2015, the year of the Consumer Expenditure Survey and also the reference base year, the average household spent $20 on juice and $12 on cloth The price of juice in 2015 was $2 a bottle, and the price of cloth was 54 a yard. In 2016, juice is $6 a bottle and cloth is $3 a yard. Calculate the CPI in 2016 and the inflation...
Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so, they...
Economists in the Statistics Bureau decide to check the
CPI substitution bias. To do so, they conduct a Consumer
Expenditure Survey in both 2015 and 2016.
The table shows the results of the survey. It shows the
items that consumers buy and their prices.
The Statistics Bureau fixes the reference base year as
2015.
Is there a substitution bias in the CPI that uses the
2015 basket? Explain.
A commodity substitution bias _______ when the CPI is
calculated in 2016...
This Question: 1 pt 54 of 64 (31 complete) In 2016, consumers in Dexter consumed only books and pers. The prices and quantities for 2016 and 2017 are listed in the table. The reference base period for Dexter's CP1 is 2016. What is the cost of the CPI basket in 2016? 2017 Quantity tem Books Pens 2016 Quantity Price 10 $0 20 $ 1 Price $50 15 O A 5430 OB. $335 OC. $320 OD. $540
This Question: 1 pt 19 of 64 65 complete) In 2016, consumers in Dexter consumed only books and pers. The prices and quantities for 2016 and 2017 arested in the table. The reference base period for Dexter's CP 2016. What is the nation in 2017? 2017 Quantity Quantity Price 10 $0 2031 Price $50 Books Pens 15 OA 31 percent OB. zoro OC 60 percent OD 2 percent
Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so. they conduct a Consumer Expenditure Survey in both 2015 and 2016. 2016 Quantity Price 2015 Item Quantity Price Shrimp 25 $3 Scallops 45 $2 The table shows the results of the survey. It shows the items that consumers buy and their prices $5 The Statistics Bureau fixes the reference base year as 2015. Calculate the CPI in 2016 if the CPI basket contains the 2016...
Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so. they conduct a Consumer Expenditure Survey in both 2015 and 2016. 2016 Quantity Price The table shows the results of the survey. It shows the items that consumers buy and their prices 2015 Quantity Price 15 $2 35 $4 Item Pizza Pasta $2 $5 The Statistics Bureau fixes the reference base year as 2015. Calculate the CPI in 2016 if the CPI basket contains the...
Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so, they conduct a Consumer Expenditure Survey in both 2015 and 2016. The table shows the results of the survey. It shows the items that consumers buy and their prices The Statistics Bureau fixes the reference base year as 2015. Calculate the CPI in 2016 if the CPI basket contains the 2016 quantities 2015 Item Quantity Price Broccoli 25 3 $ Carrots 15 $1 2016 Quantity...
Question Help Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so, they conduct a Consumer Expenditure Survey in both 2015 and 2016 The table shows the results of the survey. It shows the items that consumers buy and their city prices 2015 Item Quantity Price Shrimp 20 $5 Scallops 45 $3 2016 Quantity Price 25 $5 30 $5 sho year The Statistics Bureau fixes the reference base year as 2015. Calculate the CPI In...
A Consumer Expenditure Survey in Sparta shows that people buy only juice and cloth. In 2015, the year of the Consumer Expenditure Survey and also the reference base year, the average household spent $20 on juice and $12 on cloth The price of juice in 2015 was $2 a bottle, and the price of cloth was 54 a yard. In 2016, juice is $6 a bottle and cloth is $3 a yard. Calculate the CPI in 2016 and the inflation...
Economists in the Statistics Bureau decide to check the
CPI substitution bias. To do so, they conduct a Consumer
Expenditure Survey in both 2015 and 2016.
The table shows the results of the survey. It shows the
items that consumers buy and their prices.
The Statistics Bureau fixes the reference base year as
2015.
Is there a substitution bias in the CPI that uses the
2015 basket? Explain.
A commodity substitution bias _______ when the CPI is
calculated in 2016...
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