2014 2015 Item Quantity Price Price €5.00 €7.50 Y €3.00 €3.00 4 €1.00 €1.50 The information in the table above gives the 2014 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2015 prices. What is the value of the CPI for 2015? O 133 140 100

2014 2015 Item Quantity Price Price €5.00 €7.50 Y €3.00 €3.00 4 €1.00 €1.50 The information in the table above gives the 2014 reference base period CPI basket and prices used to construct the CPI for a small nation. It also has the 2015 prices. What is the value of the CPI for 2015? O 133 140 100

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 4 Between 2015 and 2016, the CPI of a small nation rose from 1.82 to 1.85. If household incomes rose by 3% during that period of time, which of the following is true? O The purchasing power of household income fell between 2015 and 2016. O The purchasing power of household income rose between 2015 and 2016. O The purchasing power of household income remained constant between 2015 and 2016. O The CPI cannot be used to determine how the purchasing power of household income changes over time.
Table 9-5 Year CPI 2017 201 2018 210 Refer to Table 9-5. Consider the following values of the consumer price index for 2017 and 2018. The inflation rate for 2018 was equal to O 4.5 percent. O 8.0 percent. O 215 percent. O 3.9 percent.
4. In a simple economy, people consume only 2 goods, food and clothing. The market basket of goods used to compute the CPI consists of 50 units of food and 10 units of clothing. Food Clothing 2021 price per unit $4 $10 2022 price per unit $6 $20 (1) What is the cost of basket in each year? (2) Compute CPI in each year using 2021 as base year.
13 - Which of the following is true of the CPI? 1. It is the most common measure of the price level. II. It measures the price of a typical market basket of goods. III. It measures the changes in prices of raw materials. a) O I, II, and II b) O l and Il only 03 c) O Il only d) O I only e) O II only
To convert the original earnings of Casper, NMiller, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 U.S. dollars. Using those figures, Ai in the following table, making sure to round your responses to the nearest U.S. dollar. Nominal Winnings U.S. CPI (1983- 100) Winnings in 2016 Dollars Year Golfer (Dollars) 1968 Billy Casper 205,169 34.8 1974 Johnny Miller 353,022 49.3 1991 Corey Pavin 979,430 136.2 2016 Dustin Johnson 9,365,185 240.0 9,365,165 True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is not the same as the golfer with the highest PGA winnings after adjusting for inflation, O True O False
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1.2 The table below lists the actual minimum wage and CPI in 1974 and in 2017. Using the table, calculate the real minimum wage for 1974 and 2017. Are workers better off in terms of the purchasing power of a dollar in 1974 or 2017? Explain why. Year 1974 2017 Nominal Minimum Wage 2.00 7.25 CPI (1982=100) 49.3 244.3
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204 20(4).pdf 2 / 3 The average nominal incomes earned in Eturia and the CPI are shown in the table below. 2018 $26,700 105 Q Search Nominal income CPI (2002 = 100) F5 — to the nearest dollar. Calculate real income for each year. Enter your responses in the table above. Round your answers Ws b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above. 100% + @ 4. The information in the table below is for the economy of Mensk. Round your responses below to one decimal place. Working-age population Number of people in full-time employment Number of people in part-time employment Number of people unemployed Number of discouraged workers % 5 € in a. What is the unemployment rate? b. What is the participation rate? F6 6 5. The table below shows national data for the economy of Westfall. Round your intermediate DELL F7 & 7 F8 12 8 F9 2019 $32,000 107 1 prt sc F10 9 home H F11 O 25.0 12.0 0 5.0 2.5 2.0 2020…
6. The following table shows the CPI for each year from 2009 to 2021 Year CPI 2009 172 2010 177 2011 189 2012 200 2013 212 2014 220 2015 220 2016 230 2017 250 2018 255 2019 270 2020 280 2021 300 (a) In 2010, I deposited $380 in by interest bearing saving account. In 2021, in my account I had $412 expressed in 2013 prices. What is the average annual nominal interest rate I earned on my deposit from 2010-2021? (b) In another account, I deposited $1200 in an interest bearing saving account in 2008. I held the money in the account from 2008-2014. The annual real interest rate I earned on the account was r = 0. How much did I have in my account in 2014 (the nominal value)
Question 19 An increase in supply is represented by a O a. movement downward and to the left along a supply curve. b. movement upward and to the right along a supply curve. c. rightward shift of a supply curve. d. leftward shift of a supply curve.