B. Determine the inflation rate of Country ABC using its CPI from 2020 and 2021. Price 2021 10,000 9,000 6,000 8,500 7,000 15,000 5,000 20,000 10,000 15,000 Price Price Commodity Group Weight 2020 8,000 7,500 7,500 10,000 10,000 10,000 4,500 30,000 15,000 11,000 2019 1. Food 2. Agriculture 3. Forestry 4. Crude Oil and Petroleum Products 5. Steel and Metal materials 6. Chemicals 7. Wood, wooden materials, paper 8. Education 9. Ore and other raw materials 10. Other manufactured goods 11,000 8,000 10,000 14,000 15,000 8,500 3,000 28,000 13,000 10,000 15% 10% 8% 10% 15% 7% 5% 10% 10% 10%
B. Determine the inflation rate of Country ABC using its CPI from 2020 and 2021. Price 2021 10,000 9,000 6,000 8,500 7,000 15,000 5,000 20,000 10,000 15,000 Price Price Commodity Group Weight 2020 8,000 7,500 7,500 10,000 10,000 10,000 4,500 30,000 15,000 11,000 2019 1. Food 2. Agriculture 3. Forestry 4. Crude Oil and Petroleum Products 5. Steel and Metal materials 6. Chemicals 7. Wood, wooden materials, paper 8. Education 9. Ore and other raw materials 10. Other manufactured goods 11,000 8,000 10,000 14,000 15,000 8,500 3,000 28,000 13,000 10,000 15% 10% 8% 10% 15% 7% 5% 10% 10% 10%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:B. Determine the inflation rate of Country ABC using its CPI from 2020 and 2021.
Price
2021
10,000
9,000
6,000
8,500
7,000
15,000
5,000
20,000
10,000
15,000
Price
Price
Commodity Group
Weight
2020
2019
1. Food
15%
2. Agriculture
3. Forestry
4. Crude Oil and Petroleum Products
5. Steel and Metal materials
6. Chemicals
7. Wood, wooden materials, paper
8. Education
9. Ore and other raw materials
10. Other manufactured goods
8,000
7,500
7,500
10,000
10,000
10,000
4,500
30,000
15,000
11,000
11,000
8,000
10,000
14,000
15,000
8,500
3,000
28,000
13,000
10,000
10%
8%
10%
15%
7%
5%
10%
10%
10%
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