In the country of Shem, the CPI is calculated using a market basket consisting of 5 apples, 4 kg of chicken, 3 shirts, and 2 litres of gasoline. The per-unit prices of these goods have been as follows: Year Apples Chicken Shirts Gasoline 2012 $1.00 $2.00 $10.00 $1.00 2013 $2.00 $1.50 $8.00 $1.50 2014 $2.00 $2.00 $11.00 $2.00 2015 $3.00 $3.00 $14.00 $3.00 Refer to the Table 6-3. What was the inflation rate, as measured by the CPI, between 2014 and 2015? a) 36.36 percent b) 55.4 percent O c) d) 77.8 percent 140.2 percent
In the country of Shem, the CPI is calculated using a market basket consisting of 5 apples, 4 kg of chicken, 3 shirts, and 2 litres of gasoline. The per-unit prices of these goods have been as follows: Year Apples Chicken Shirts Gasoline 2012 $1.00 $2.00 $10.00 $1.00 2013 $2.00 $1.50 $8.00 $1.50 2014 $2.00 $2.00 $11.00 $2.00 2015 $3.00 $3.00 $14.00 $3.00 Refer to the Table 6-3. What was the inflation rate, as measured by the CPI, between 2014 and 2015? a) 36.36 percent b) 55.4 percent O c) d) 77.8 percent 140.2 percent
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
Problem 3WNG
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Transcribed Image Text:In the country of Shem, the CPI is calculated using a market basket consisting of 5 apples, 4 kg of chicken, 3 shirts,
and 2 litres of gasoline. The per-unit prices of these goods have been as follows:
Year Apples Chicken Shirts Gasoline
2012 $1.00 $2.00
$10.00 $1.00
2013 $2.00 $1.50
$8.00 $1.50
2014 $2.00 $2.00
$11.00 $2.00
2015 $3.00 $3.00 $14.00 $3.00
Refer to the Table 6-3. What was the inflation rate, as measured by the CPI, between 2014 and 2015?
a) 36.36 percent
b) 55.4 percent
O c)
d)
77.8 percent
140.2 percent
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