QUESTION 10PRODUCTproductXproductYproductZOb) 153O c) 1.2O d) 150O e) 200QUESTION 11O (c) 30%O (d) 25%Ⓒ (e) 20%price: $2.00quantity: 2,000price: $1.001,000quantity:price:quantity:PRODUCTproductXQUESTION 121988productYproductZQUESTION 13$5.001,000$4.002,500$1.001,50010. Given the data in the above table, what is the price index for 1988, using 1988 as the base year and using the 1988 consumption pattern (market basket)?O a) 100$4.001,000quantity:1989price: $2.00quantity: 2,0001988price: $1.001,000price: $5.00quantity: 1,000YEAR1990$6.002,000$1.002,500$2.001,0001989$4.002,500$1.001,500$4.001,0001991$8.001,500$1.003,00011. What is the rate of inflation between 1988 and 1989? (Use 1988 based price indices and 1988 market basket)O (a) 50%O (b) 33%$3.001,000YEAR1990$6.002,000$1.002,500$2.001,0001991$8.001,500$1.003,000$3.001,00012. Which of the following is NOT a problem in using economic statistics?O a) Using GDP statistics to compare income in the U.S. and Bangladesh may be inaccurate because household production (non-market) is a much higher percentage of the economy of Bangladesh.O b) Using the published CPI statistics to calculate changes in the purchasing power of your income is inaccurate because the CPI is calculated for the "average consumer's" spending pattern.O c) The same statistics are often interpreted differently by different politicians and reporters, which makes it difficult to understand what is really happening without understanding how the statistics were calculated.O d) Government statisticians in the U.S. frequently distort the numbers.13. The unemployment rate statistic published by the Bureau of Labor Statistics may overestimate the magnitude of the unemployment problem in the economy becauseO a) all part-time workers are counted as "employed" even though some would prefer to work full-time (i.e. are underemployed).O b) some workers are working in jobs for which they are overqualified (also underemployed).O c) people who collect unemployment insurance benefits may tell government statisticians they are actively seeking work even though they in fact are not interested in work as long as the unemployment benefits last.O d) "discouraged workers," who are no longer looking for work, are not counted in the labor force.O e) all of the above.

Consumer Price Index or CPI measures the changes that occur in the prices of goods or services. It…

QUESTION 10 PRODUCT product X product Y product Z Ob) 153 Oc) 1.2 O d) 150 O e) 200 QUESTION 11 (b) 33% (c) 30% O (d) 25% Ⓒ (e) 20% PRODUCT product X price: $2.00 quantity: 2,000 price: $1.00 quantity: 1,000 price: $5.00 quantity: 1,000 product Y product Z 1988 QUESTION 12 QUESTION 13 $4.00 2,500 $1.00 1,500 10. Given the data in the above table, what is the price index for 1988, using 1988 as the base year and using the 1988 consumption pattern (market basket)? O a) 100 $4.00 1,000 1989 1988 price: $2.00 quantity: 2,000 price: $1.00 quantity: 1,000 price: $5.00 quantity: 1,000 YEAR 1990 $6.00 2,000 $1.00 2,500 $2.00 1,000 1989 $4.00 2,500 $1.00 1,500 $4.00 1,000 11. What is the rate of inflation between 1988 and 1989? (Use 1988 based price indices and 1988 market basket) O (a) 50% 1991 $8.00 1,500 $1.00 3,000 $3.00 1,000 YEAR 1990 $6.00 2,000 $1.00 2,500 $2.00 1,000 1991 $8.00 1,500 $1.00 3,000 $3.00 1,000 12. Which of the following is NOT a problem in using economic statistics? O a) Using GDP statistics to compare income in the U.S. and Bangladesh may be inaccurate because household production (non-market) is a much higher percentage of the economy of Bangladesh. Ob) Using the published CPI statistics to calculate changes in the purchasing power of your income inaccurate because the CPI is calculated for the "average consumer's" spending pattern. Oc) The same statistics are often interpreted differently by different politicians and reporters, which makes it difficult to understand what is really happening without understanding how the statistics were calculated. O d) Government statisticians in the U.S. frequently distort the numbers. 13. The unemployment rate statistic published by the Bureau of Labor Statistics may overestimate the magnitude of the unemployment problem in the economy because O a) all part-time workers are counted as "employed" even though some would prefer to work full-time (i.e. are underemployed). Ob) some workers are working in jobs for which they are overqualified (also underemployed). O c) people who collect unemployment insurance benefits may tell government statisticians they are actively seeking work even though they in fact are not interested in work as long as the unemployment benefits last. O d) "discouraged workers," who are no longer looking for work, are not counted in the labor force. O e) all of the above.