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.
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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![QUESTION 10
PRODUCT
product
X
product
Y
product
Z
Ob) 153
O c) 1.2
O d) 150
O e) 200
QUESTION 11
O (c) 30%
O (d) 25%
Ⓒ (e) 20%
price: $2.00
quantity: 2,000
price: $1.00
1,000
quantity:
price:
quantity:
PRODUCT
product
X
QUESTION 12
1988
product
Y
product
Z
QUESTION 13
$5.00
1,000
$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
quantity:
1989
price: $2.00
quantity: 2,000
1988
price: $1.00
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
1991
$8.00
1,500
$1.00
3,000
11. 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%
$3.00
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.
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 because
O 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fd71a05-cce6-42ce-8872-636d0d92cbc9%2Fd7857fb6-3a27-450f-a8ad-8777a2aa50e3%2Fjksler8_processed.png&w=3840&q=75)
Transcribed Image Text:QUESTION 10
PRODUCT
product
X
product
Y
product
Z
Ob) 153
O c) 1.2
O d) 150
O e) 200
QUESTION 11
O (c) 30%
O (d) 25%
Ⓒ (e) 20%
price: $2.00
quantity: 2,000
price: $1.00
1,000
quantity:
price:
quantity:
PRODUCT
product
X
QUESTION 12
1988
product
Y
product
Z
QUESTION 13
$5.00
1,000
$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
quantity:
1989
price: $2.00
quantity: 2,000
1988
price: $1.00
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
1991
$8.00
1,500
$1.00
3,000
11. 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%
$3.00
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.
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 because
O 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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 7 steps with 3 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education