204 20(4).pdf2 / 3The average nominal incomes earned in Eturia and the CPI are shown in the table below.2018$26,700105Q SearchNominal incomeCPI (2002 = 100)F5—to the nearest dollar.Calculate real income for each year. Enter your responses in the table above. Round your answersWsb. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responsesrounded to one decimal place, in the table above.100% + @4.The information in the table below is for the economy of Mensk. Round your responses below to onedecimal place.Working-age populationNumber of people in full-timeemploymentNumber of people in part-timeemploymentNumber of people unemployedNumber of discouraged workers%5 €ina. What is the unemployment rate?b. What is the participation rate?F665. The table below shows national data for the economy of Westfall. Round your intermediateDELLF7&7F8128F92019$32,0001071prt scF109homeHF11O25.012.005.02.52.02020$34,000111.5endF12PENGINinsertdelete*[+05:21 I12-06-20

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Nominal income CPI (2002= 100) 2018 $26,700 105 CPI are shown in the table below. 2019 $32,000 107 2020 $34,000 111.5 Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above.

Nominal income CPI (2002= 100) 2018 $26,700 105 CPI are shown in the table below. 2019 $32,000 107 2020 $34,000 111.5 Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses rounded to one decimal place, in the table above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider Table 1 which shows the typical basket of goods consumed by a household in a year. Calculate the CPI for each year.
Using the Consumer Price Index (CPI) detailed in the table below, Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 CPI 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 177.1 179.7 184.0 188.9 Instructions: Round your responses to one decimal place. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Calculate the inflation rate for 2007-2008: 2008-2009: 2014-2015: 2015-2016: Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 % % % % CPI 195.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6 233.0 236.7 237.0 240.0 245.1 251.1 255.7 b, c. Which years had inflation? Which years had deflation? In 2007-2008, there was (Click to select) ✓ In 2008-2009, there was (Click to select)
Consider an economy with only two goods: bread and wine. Let's say that, in 2008' the typical family bought four loaves of bread at $1.50 per loaf and two bottles of wine for $9 per bottle. In 2018, let's say bread cost $4.50 per loaf and wine cost $16 per bottle (fictitious prices). The CPI for 2018 (using 2008 as base year) is approximately ..... Select one: a. 110. b. 239. c. 195. d. 208.
The reference base period for the CPI is 1982 – 1984. In April 2020, the CPI was 256.4 . What can we conclude from this information? The CPI in April 2020 tells us that the _______ of the prices paid by urban consumers for a fixed basket of consumer goods and services was _______. A. inflation rate; 156.4 percent per year B. inflation rate; 256.4 percent per year C. average; 256.4 percent higher in April 2020 than the average of 1982 – 1984 D. average; 156.4 percent higher in April 2020 than the average of 1982 – 1984
Use the following table to answer the question. The table shows the prices and the quantities consumed in Vegetarian Country. Suppose the base year is 2020. Also, suppose that 2020 is the year the typical consumption basket was determined, so the quantities consumed in 2020 are the only quantities needed to calculate the CPI in each year. Year Price of Carrots Quantity of Carrots Price of Celery Quantity of Celery 2020 $2.00 100 $1.00 100 2021 2.50 90 0.90 120 2022 2.75 105 1.00 130 What are the values of the CPI in 2020, 2021, and 2022, respectively? a. 2020: 100; 2021: 111; 2022: 139.6 b. 2020: 100; 2021: 109.2; 2022: 116 c. 2020: 100; 2021: 113.3; 2022: 125 d. 2020: 83.5; 2021: 94.2; 2022: 100 e. None of the answer choices are correct.
The table below applies to an economy with only two goods — hamburgers and hot dogs. The CPI basket consists of 4 hamburgers and 8 hot dogs. Year Price of hamburgers Price of hot dogs 2009 $5 $3 2010 $5.5 $3.3 2011 $5.61 $3.63 If the base year is 2009, then the consumer price index is _____ in 2011. Group of answer choices 108 105 110 117
Suppose the current CPI is 252 and in 2005 it was 196. A pair of Levi’s jeans costs $43 today. Based on the CPIs, what would you expect the 2005 price to have been for the same style of Levis, in a similar retail outlet?
Economists in the Statistics Bureau decide to check the CPI substitution bias. To do so, they conduct a Consumer Expenditure Survey in both 2018 and 2019. The table shows the results of the survey. It shows the items that consumers buy and their prices. 2018 2019 Item Quantity Price Quantity Price The Statistics Bureau fixes the reference base year as 2018. Burgers 30 $1 35 $1 Chicken 35 $4 25 $6 Calculate the CPI in 2019 if the CPI basket contains the 2019 quantities. The CPI in 2019 if the CPI basket contains the 2019 quantities is >>> Answer to 1 decimal place. Question Viewer Enter your answer in the answer box. MacBook Air DII DD F11 F10 000 000 888 F9 80 F7 F8 F6 F5 F4 F3 esc F2 F1 & % ! @ 6 7 8 2 3 4 5 1 | P Y U Q W E R tab K 云 00 %24
In 1980 the price of microwave oven was $382 and CPI was 105. Today the price of a microwave oven is $266 and CPI is 242. What is the 1980 price of microwave oven measured in todays dollars? (Round to two decimal places.) Your Answer:
Suppose you earned $100,000 in a given year. Calculate your real income, assuming the CPI is 200 for that year.
Consider an economy where the consumers buy widgets, cogs, and services. The CPI market basket consists of 122 widgets, 395 cogs, and 837 services. We have the following prices for 2021 and 2022: Year Widget Cost Cogs Cost Services Cost 2021 107.14 56.19 28.48 2022 149.80 66.89 36.90 If the base year is 2022, what is the price index for 2021? Round your answer to two digits after the decimal. Be careful here. The table looks the same as the previous question but the numbers are different!
The data in the table below show the consumption by families in an economy. The year 2018 is the reference base period. Item Quantity (2018) Price (2018) Quantity (2019) Price (2019) Magazines 400 $5.00 450 $4.50 Movie tickets 50 $6.00 200 $8.00 Pizzas 100 $10.00 120 $10.50 Based on the table above, the CPI for 2019 is Part 2 A. 102.5. B. 100. C. 105.1. D. 5.0 percent. E. 98.5