Which of the following goods is likely not to be included in CPI calculations that take...
Homework Answers
Option 4
Usually the CPI calculations are based on periodic consumer surveys.
The market basket for CPI includes items that reflect prices of bread, physician and dentist fees, clothing, alcoholic and non-alcoholic beverages, transportation and other goods and services which are purchased on day to day living.
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Which of the following goods is likely not to be included in
CPI calculations that take...
The Consumer Price Index (CPI) is a measure of the change in the cost of goods...
The Consumer Price Index (CPI) is a measure of the change in the cost of goods over time. If 1982 is used as the base year of comparison in some country (CPIequals100 in 1982), then the CPI of 200.8 in 2006 would indicate that an item that cost $ 1.00 in 1982 would cost $ 2.01 in 2006 in this country. It is known that the CPI in this country has been increasing at an approximately linear rate for the...
JUESTION 44 In country A, the base year for CPI has been 1980. Given the following...
JUESTION 44 In country A, the base year for CPI has been 1980. Given the following data, what is the inflation rate over the one year period ending 19837 Round your answer to 2 digits after the decimal point. Leave out the percentage sign, that is, if your answer is 1.23%, type 1.23, not 1.23%, not 0.0123. Year CPI 1980 100 1981 103 107 1982 1983 118 1984 122
Rank the following four goods from lowest income elasticity of demand (1) to highest income elasticity...
Rank the following four goods from lowest income elasticity of demand (1) to highest income elasticity of demand (4) a. Bread b. Pepsi c. Mercedes-Benz automobies M d. Laptop computers Rank the following four goods from lowest income elasticity of demand (1) to highest income elasticity of demand (4) a. Bread b. Pepsi c. Mercedes-Benz automobiles d. Laptop computers
The Central Statistical Office reported the following total manufacturing shipments for the 3 years from 1997...
The Central Statistical Office reported the following total manufacturing shipments for the 3 years from 1997 through 1999. Year Manufacturing Shipments (K’ billions) 1997 3929 1998 4052 1999 4260 (a) The CPI for 1997 – 1999 is given in table below. Use this information to deflate the manufacturing shipments series and comment on the pattern of manufacturers’ shipments in terms of constant kwachas. HOURLY WAGES OF MANUFACTURING WORKERS AND CONSUMER PRICE INDEX: 1996 – 2000 Year Hourly Wage (K) CPI...
LUONTI PUHU Which of the following is the most likely example of a good for which...
LUONTI PUHU Which of the following is the most likely example of a good for which the income and substitution effects of price increase would be in the opposing directions? laptop computers tickets to NFL football games fast food meals O vacation travel
Generally, when economists talk of the interest rate what are they talking about? For the CPI,...
Generally, when economists talk of the interest rate what are
they talking about?
For the CPI, what is the base year? a. It is the year the CPI first appeared. O b. It is the benchmark against which other years are compared, and it changes each year. O c. It is the year prior to the year for which the CPI is calculated. O d. It is the benchmark against which other years are compared, and it changes occasionally. Price...
QUESTION 25 In country A the base year for CPI has been 1980. Given the following...
QUESTION 25 In country A the base year for CPI has been 1980. Given the following data, what is the inflation rate over the one year period ending 1983? Round your answer to 2 digits after the decimal point. Leave out the percentage sign that is, if your answer is 1.23%, type 1.23, not 1.23%, not 0.0123. _Year CPI 1990 100 1981 107 1983 1984 114 116
don't know the answer The price of computers has fallen substantially over the past two decades....
don't know the answer
The price of computers has fallen substantially over the past two decades. Use this drop in price to explain why the Consumer Price Index is likely to overstate substantially the cost-of-living index for individuals who use computers intensively. The Consumer Price Index (CPI) is likely to overstate substantially the cost-of-living index for individuals who use computers intensively because O A. the CPI uses a weighting system that gives less weight to goods whose prices have risen...
The price of computers has fallen substantially over the past two decades. Use this drop in...
The price of computers has fallen substantially over the past two decades. Use this drop in price to explain why the Consumer Price Index is likely to overstate substantially the cost-of-living index for individuals who use computers intensively. The Consumer Price Index (CPI) is likely to overstate substantially the cost-of-living index for individuals who use computers intensively because O A. the CPI uses a weighting system that gives less weight to goods whose prices have risen and more weight to...
19. (16 POINTS) Suppose that the representative basket of goods consumed in the economy in a...
19. (16 POINTS) Suppose that the representative basket of goods consumed in the economy in a year is made of: 150 lbs of bread, 80 bottles of water and 50 T-shirts. Prices (in USD) of each of these items, across different years, are reported in the following table Year 1 lbs of bread 1 bottle of water 1 T-shirt 2008 S2 2009 $2.3 2010 $2.6 2011 $2.8 2012 S3 $1.2 $1.2 $1.35 $1.8 $1.8 $15 $18 $18 $18 $25 (a)...
JUESTION 44 In country A, the base year for CPI has been 1980. Given the following data, what is the inflation rate over the one year period ending 19837 Round your answer to 2 digits after the decimal point. Leave out the percentage sign, that is, if your answer is 1.23%, type 1.23, not 1.23%, not 0.0123. Year CPI 1980 100 1981 103 107 1982 1983 118 1984 122
Rank the following four goods from lowest income elasticity of demand (1) to highest income elasticity of demand (4) a. Bread b. Pepsi c. Mercedes-Benz automobies M d. Laptop computers Rank the following four goods from lowest income elasticity of demand (1) to highest income elasticity of demand (4) a. Bread b. Pepsi c. Mercedes-Benz automobiles d. Laptop computers
LUONTI PUHU Which of the following is the most likely example of a good for which the income and substitution effects of price increase would be in the opposing directions? laptop computers tickets to NFL football games fast food meals O vacation travel
Generally, when economists talk of the interest rate what are
they talking about?
For the CPI, what is the base year? a. It is the year the CPI first appeared. O b. It is the benchmark against which other years are compared, and it changes each year. O c. It is the year prior to the year for which the CPI is calculated. O d. It is the benchmark against which other years are compared, and it changes occasionally. Price...
QUESTION 25 In country A the base year for CPI has been 1980. Given the following data, what is the inflation rate over the one year period ending 1983? Round your answer to 2 digits after the decimal point. Leave out the percentage sign that is, if your answer is 1.23%, type 1.23, not 1.23%, not 0.0123. _Year CPI 1990 100 1981 107 1983 1984 114 116
don't know the answer
The price of computers has fallen substantially over the past two decades. Use this drop in price to explain why the Consumer Price Index is likely to overstate substantially the cost-of-living index for individuals who use computers intensively. The Consumer Price Index (CPI) is likely to overstate substantially the cost-of-living index for individuals who use computers intensively because O A. the CPI uses a weighting system that gives less weight to goods whose prices have risen...
The price of computers has fallen substantially over the past two decades. Use this drop in price to explain why the Consumer Price Index is likely to overstate substantially the cost-of-living index for individuals who use computers intensively. The Consumer Price Index (CPI) is likely to overstate substantially the cost-of-living index for individuals who use computers intensively because O A. the CPI uses a weighting system that gives less weight to goods whose prices have risen and more weight to...
19. (16 POINTS) Suppose that the representative basket of goods consumed in the economy in a year is made of: 150 lbs of bread, 80 bottles of water and 50 T-shirts. Prices (in USD) of each of these items, across different years, are reported in the following table Year 1 lbs of bread 1 bottle of water 1 T-shirt 2008 S2 2009 $2.3 2010 $2.6 2011 $2.8 2012 S3 $1.2 $1.2 $1.35 $1.8 $1.8 $15 $18 $18 $18 $25 (a)...
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