Suppose a bisket of goods and services has been selected to calculate the CPI and 2014 has been selected as the base year. In 2012, the basket's cost was $100; in 2014, the basket's cost was $120; and in 2016, the basket's cost was $127. The value of the CPI in 2016 was a. 120.0 b. 83.33 с. 127.0 d. 105.83 d QUESTION 4 Suppose a basket of goods and services has been selected to calculate the CPI and 2013 has been selected as the base year. In 2012, the basket's cost was $77; 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 a. 109.8 and the inflation rate was 9.8%. b. 109.8 and the inflation rate was 16.9%. с. 116.9 and the inflation rate was 9.8%. d. 116.9 and the inflation rate was 16.9%. O a QUESTION'1 If CPI rises,he typical household a. has to spend more dollars to maintain the same standard of living. b. can spend fewer dollars to maintain the same standard of living. finds that its standard of living is not affected. с. d. can offset the effects of rising prices by saving more. QUESTION 2 Suppose a basket of goods and services has been selected to calculate the CPI and 2014 has been selected as the base year. In 2012, the basket's cost was $100; in 2014, the basket's cost was $120; and in 2016, the basket's cost was $127. The value of the CPI in 2012 was a. 120.0. b. 83.33. C. 127.0. d. 105.83. O a C d O O O
Suppose a bisket of goods and services has been selected to calculate the CPI and 2014 has been selected as the base year. In 2012, the basket's cost was $100; in 2014, the basket's cost was $120; and in 2016, the basket's cost was $127. The value of the CPI in 2016 was a. 120.0 b. 83.33 с. 127.0 d. 105.83 d QUESTION 4 Suppose a basket of goods and services has been selected to calculate the CPI and 2013 has been selected as the base year. In 2012, the basket's cost was $77; 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 a. 109.8 and the inflation rate was 9.8%. b. 109.8 and the inflation rate was 16.9%. с. 116.9 and the inflation rate was 9.8%. d. 116.9 and the inflation rate was 16.9%. O a QUESTION'1 If CPI rises,he typical household a. has to spend more dollars to maintain the same standard of living. b. can spend fewer dollars to maintain the same standard of living. finds that its standard of living is not affected. с. d. can offset the effects of rising prices by saving more. QUESTION 2 Suppose a basket of goods and services has been selected to calculate the CPI and 2014 has been selected as the base year. In 2012, the basket's cost was $100; in 2014, the basket's cost was $120; and in 2016, the basket's cost was $127. The value of the CPI in 2012 was a. 120.0. b. 83.33. C. 127.0. d. 105.83. O a C d O O O
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Suppose a bisket of goods and services has been selected to calculate the CPI and 2014 has been selected as the base year. In 2012, the basket's
cost was $100; in 2014, the basket's cost was $120; and in 2016, the basket's cost was $127. The value of the CPI in 2016 was
a.
120.0
b.
83.33
с.
127.0
d.
105.83
d
QUESTION 4
Suppose a basket of goods and services has been selected to calculate the CPI and 2013 has been selected as the base year. In 2012, the basket's
cost was $77; 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
a.
109.8 and the inflation rate was 9.8%.
b.
109.8 and the inflation rate was 16.9%.
с.
116.9 and the inflation rate was 9.8%.
d.
116.9 and the inflation rate was 16.9%.
O a
Transcribed Image Text:QUESTION'1
If CPI rises,he typical household
a.
has to spend more dollars to maintain the same standard of living.
b.
can spend fewer dollars to maintain the same standard of living.
finds that its standard of living is not affected.
с.
d.
can offset the effects of rising prices by saving more.
QUESTION 2
Suppose a basket of goods and services has been selected to calculate the CPI and 2014 has been selected as the base year. In 2012, the basket's
cost was $100; in 2014, the basket's cost was $120; and in 2016, the basket's cost was $127. The value of the CPI in 2012 was
a.
120.0.
b.
83.33.
C.
127.0.
d.
105.83.
O a
C
d
O O O
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