1. In year 1 the CPI is 140.1 and in year 2 the CPI is 148.9....
1. In year 1 the CPI is 140.1 and in year 2 the CPI is 148.9. If Sarah's salary was $33500 in year 1 what salary in year 2 would cause her to exactly keep up with inflation:
A. $36,448
B. $42,300
C. $40,508
D. $ 35,604
2. Price indicates that used fixed market baskets might be inaccurate measures of inflation for which of the following reasons:
A. Consumers have the ability to substitute one good for another
B. New goods come into existence
C. Quality changes and goods occur
D.Discounts details become more popular
E. all of the above
D.
Homework Answers
a) The inflation increased by 6.28% so to keep up with that the salary should also increase by the same. the answer is "D", 35.603.8.
b) "E"
All of the options here are correct.
ASSIGNMENT #5 9. One way the consumer price index (CPI) differs from the GDP chain price...
ASSIGNMENT #5 9. One way the consumer price index (CPI) differs from the GDP chain price index is that the CPI: uses current year quantities of goods and services b. a. includes separate market baskets of goods and services for both base and current years. includes only goods and services bought by typical urban consumers. d. C. is bias free. 10. Suppose a market basket of goods and services costs $1,000 in the base year and the consumer price index...
right or not Question 3 1 pts In Year 1 the CPI is 117.1, and in...
right or not
Question 3 1 pts In Year 1 the CPI is 117.1, and in Year 2 it is 126.6. From Year 1 to Year 2, Patrick's salary rises from $32,000 to $34,000 and Leona's salary rises from $42,000 to $46,500. Who is "more than keeping up with inflation"? Neither Patrick and Leona Both Patrick and Leona Leona Patrick
(a) What is the CPI in 2015, 2016, and 2017 if 2015 is the base year?...
(a) What is the CPI in 2015, 2016, and 2017 if 2015 is the
base year?
(b) What is the (CPI) inflation 2015-2016 and 2016-2017?
(c) How does CPI differ in 2015 and 2016 if 2016 is the base
year?
(d) What effect does this have on your calculation of (CPI)
inflation between 2015-
3. Suppose you are told that a basket of goods to calculate a consumer price index contains the following items: 4 apples and 2 bottles of...
2. Calculatingand categorizing inflation This table indicates the historical level of the Consumer Price Index (CPI)...
2. Calculatingand categorizing inflation This table indicates the historical level of the Consumer Price Index (CPI) for the United States for 1921, 1922, and 1923. Complete the table by (1) selecting the inflation rates for 1922 and 1923, and (2) indicating for each year whether there has been inflation, deflation, or hyperinflation. Year CPI Inflation Rate Change in Price Level 1921 17.9 1922 16.8 -1.1% Deflation 1923 17.1 0.3% Inflation What rates of inflation for 1924 would be consistent with...
1. Jordan loaned Taylor $1,200 on March 15, 2009. Taylor returned $1,260 on March 14, 2010....
1. Jordan loaned Taylor $1,200 on March 15, 2009. Taylor returned $1,260 on March 14, 2010. Inflation was 2% over the 1-year period. What is the real interest rate that Taylor paid? 5% 2% 3% 7% 2. Which of the following is an example of money illusion assuming that inflation is 5%? You receive a 10% raise at your part-time job and start spending extra money on entertainment every weekend. You do not receive a raise at your part-time job...
1. In years 1 and 2, there are 2 goods produced in a given economy, sausages...
1. In years 1 and 2, there are 2 goods produced in a given economy, sausages and pens. In year 1, 10,000 sausages are produced and sold at $2 each, and in year 2, 20,000 sausages are produced and sold at $2.10 each. In year 1, 15,000 pens are sold for $2 dollars each and in year 2, 48,000 pens are sold for d3 eac 2. Now, in the above economy, also suppose that 8,000 burger buns were imported and...
Year Quantity Goods Quantity Services Price Goods Price Services 2010 2000 6200 2 1.5 2011 2200...
Year Quantity Goods Quantity Services Price Goods Price Services 2010 2000 6200 2 1.5 2011 2200 6400 2.11 1.65 2012 2500 6750 2.15 1.65 2013 2505 7100 2.3 1.9 2014 2700 7300 2.35 2 2015 3050 8000 2.5 2 2016 3100 8450 2.65 2.1 2017 3500 8650 2.7 2.15 Assume that consumers’ typical consumption basket of goods and services is exactly represented by the (relative) quantities of goods and services produced in 2015. a. Calculate the implied CPI in each...
3. The Consumer Price Index (CPI) represents the average price of goods that households consume. Many...
3. The Consumer Price Index (CPI) represents the average price of goods that households consume. Many thousands of goods are included in such an index. Here consumers are repre- sented as buying only food (pizza) and gas as their basket of goods. Below is a representation of the kind of data the Bureau of Economic Analysis (BEA) collects to construct a consumer price index. In the base year, 2008, both the prices of goods purchased and the quantity of goods...
6a. CPI Data for a basket of goods for Kings Landing Year 1 (Year of Summer) Swords 150 units $300 Each Firewood 10...
6a. CPI Data for a basket of goods for Kings Landing Year 1 (Year of Summer) Swords 150 units $300 Each Firewood 1000 units $2 Each Food 2000 units $1 Each Year 2 (Year of Winter) 90 units $200 Each 5000 units $_ Each 900 units $2 Each If I told you that there was 15% inflation between year 1 and year 2, what must be the price for Firewood in year 2? 6b. A Fictional Country's Central Bank injects...
38. Suppose a nation's inflation rate is 6.8% from Year 1 to Year 2. If the...
38. Suppose a nation's inflation rate is 6.8% from Year 1 to Year 2. If the CPI in Year 2 is 100, what was the CPI in Year 1? A) 93.6 B) 100 C) 52.3 D) 106.7
ASSIGNMENT #5 9. One way the consumer price index (CPI) differs from the GDP chain price index is that the CPI: uses current year quantities of goods and services b. a. includes separate market baskets of goods and services for both base and current years. includes only goods and services bought by typical urban consumers. d. C. is bias free. 10. Suppose a market basket of goods and services costs $1,000 in the base year and the consumer price index...
right or not
Question 3 1 pts In Year 1 the CPI is 117.1, and in Year 2 it is 126.6. From Year 1 to Year 2, Patrick's salary rises from $32,000 to $34,000 and Leona's salary rises from $42,000 to $46,500. Who is "more than keeping up with inflation"? Neither Patrick and Leona Both Patrick and Leona Leona Patrick
(a) What is the CPI in 2015, 2016, and 2017 if 2015 is the
base year?
(b) What is the (CPI) inflation 2015-2016 and 2016-2017?
(c) How does CPI differ in 2015 and 2016 if 2016 is the base
year?
(d) What effect does this have on your calculation of (CPI)
inflation between 2015-
3. Suppose you are told that a basket of goods to calculate a consumer price index contains the following items: 4 apples and 2 bottles of...
2. Calculatingand categorizing inflation This table indicates the historical level of the Consumer Price Index (CPI) for the United States for 1921, 1922, and 1923. Complete the table by (1) selecting the inflation rates for 1922 and 1923, and (2) indicating for each year whether there has been inflation, deflation, or hyperinflation. Year CPI Inflation Rate Change in Price Level 1921 17.9 1922 16.8 -1.1% Deflation 1923 17.1 0.3% Inflation What rates of inflation for 1924 would be consistent with...
1. In years 1 and 2, there are 2 goods produced in a given economy, sausages and pens. In year 1, 10,000 sausages are produced and sold at $2 each, and in year 2, 20,000 sausages are produced and sold at $2.10 each. In year 1, 15,000 pens are sold for $2 dollars each and in year 2, 48,000 pens are sold for d3 eac 2. Now, in the above economy, also suppose that 8,000 burger buns were imported and...
6a. CPI Data for a basket of goods for Kings Landing Year 1 (Year of Summer) Swords 150 units $300 Each Firewood 1000 units $2 Each Food 2000 units $1 Each Year 2 (Year of Winter) 90 units $200 Each 5000 units $_ Each 900 units $2 Each If I told you that there was 15% inflation between year 1 and year 2, what must be the price for Firewood in year 2? 6b. A Fictional Country's Central Bank injects...
38. Suppose a nation's inflation rate is 6.8% from Year 1 to Year 2. If the CPI in Year 2 is 100, what was the CPI in Year 1? A) 93.6 B) 100 C) 52.3 D) 106.7
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