By using the data in the table below, for 2010 with 2006 as base year: 2006 2010 Product РО 90 P1 91 P190 Pogo P191 P091 55 40 75 50 50 20 40 60 III 35 25 35 40 Total A B с D E F Find Fischer quantity index for 2010 with 2006 as base.

Name several forms of indexing in the private and public sector.

Describe a situation, either a government policy situation, an economic problem, or a private sector situation, where using the GDP deflator to convert from nominal to real would be more appropriate than using the CPI.

The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?

What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?

Why do you mink the U.S. experience with inflation over the last 50 years has been so much milder than in many other countries?

Assess whether the following would be counted as unemployed in the Current Employment Statistics survey. A husband willingly stays home with children while his wife works. A manufacturing worker whose factory just closed down. A college student doing an unpaid summer internship. A retiree. Someone who has been out of work for two years but keeps looking for a job. Someone who has been out of work for two months but isnt looking for a job. Someone who hates her present job and is actively looking for another one. Someone who decides to take a part time job because she could not find a full time position.

A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest 0f the adult population is out of the labor force. Whats the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.

If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?

Construct the price index for a fruit basket in each year using 2003 as the base year.