2016 (base year) 2017 2018 Quantity Price Price Price Food 89 $2.35 $2.75 $3 Clothing 27 $12 $12.50 $12.50 Electronics 3 $252 $298 $304 Using the table above, what is the inflation rate from 2017 to 2018? a. 5.65% O b. 14.4% O c. 2.73% d. 9.67% 2016 (base year) 2017 2018 Quantity Price Price Price Food 89 $2.35 $2.75 $3 Clothing 27 $12 $12.50 $12.50 Electronics $252 $298 $304 Using the table above, suppose the government funds technological research in 2017 which decreases the price of popular electronics in . This event will not affect the CPI. Ob. The CPI will overestimate the true price level. O. The CPI will underestimate the true price level. O d. The CPI will stillacurately represent the true price level.

2016 (base year) 2017 2018 Quantity Price Price Price Food 89 $2.35 $2.75 $3 Clothing 27 $12 $12.50 $12.50 Electronics 3 $252 $298 $304 Using the table above, what is the inflation rate from 2017 to 2018? a. 5.65% O b. 14.4% O c. 2.73% d. 9.67% 2016 (base year) 2017 2018 Quantity Price Price Price Food 89 $2.35 $2.75 $3 Clothing 27 $12 $12.50 $12.50 Electronics $252 $298 $304 Using the table above, suppose the government funds technological research in 2017 which decreases the price of popular electronics in . This event will not affect the CPI. Ob. The CPI will overestimate the true price level. O. The CPI will underestimate the true price level. O d. The CPI will stillacurately represent the true price level.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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what is
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QUESTION 20 Table: The table below is for an imaginary economy of Orangeland where a typical consumer basket consists of 2 blankets and 10 coffees. Price of a Price of a Year Blanket Coffee 2017 $40 $3 2018 $45 $4 2019 $50 $5 Refer to Table. If the base year is 2018, then the economy's inflation rate in 2019 was O a. 15.38 percent. O b. 13.98 percent. Oc. 25.00 percent. O d. 20.00 percent.
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Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been selected as the base year. In 2012, the basket's cost was S77: in 2013. the basket's cost was $82; and in 2014, the basket's cost was $90. The value of the CPI in 2014 was O a. 109.8 and the inflation rate was 9.8%. O b. 109.8 and the inflation rate was 16.9%. O c. 116.9 and the inflation rate was 9.8. O d. 116.9 and the inflation rate was 16.9%.
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Same table, what is inflation/deflation from 2019 to 2021 using the Deflator method? year Burkin Bag Burkin Price Nikes 2019 3 $ 100.00 Nikes Price 10 $ 125.00 2020 4 $ 200.00 11 $ 110.00 BASE YEAR 2021 2 $ 140.00 12 $ 135.00 2022 3 $ 125.00 10 $ 120.00 2023 4 $ 175.00 11 $ 150.00 O.1243 O.1373 O.1419 ○ .1528 ○ .1695 Question 6 using the same table, what is deflation/inflation from 2021 to 2022 using the deflator method? year Burkin Bag Burkin Price Nikes Nikes Price 2019 3 $ 100.00 10 $ 125.00 2020 4 $ 200.00 11 $ 110.00 BASE YEAR 2021 2 $ 140.00 12 $ 135.00 2022 3 $ 125.00 10 $ 120.00 2023 4 $ 175.00 11 $ 150.00 О -.0745 ○ -.0894 ○ -.0973 O -10.17 O-1102