"Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Using data from the St. Louis Federal Reserve, analyze the effects of a positive supply shock. The U.S. economy experienced a supply shock with the spread of information communication technology and the Internet after 1995. Click the following link to view the Personal Consumption Expenditure price index data from FRED. Using the Series ID PCEPI, plot the the inflation rate from 1982 to 2007 as the percentage change in the Personal Consumption Expenditure price index from the same month in the previous year. O The inflation rate for November of 2021 (shown as 2021 - 11 - 01 in FRED) was %. (Round your answer to two decimal places.) The inflation rate for June of 1978 (shown as 1978 – 06 – 01 in FRED) was %. (Round your answer to two decimal places.)

"Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Using data from the St. Louis Federal Reserve, analyze the effects of a positive supply shock. The U.S. economy experienced a supply shock with the spread of information communication technology and the Internet after 1995. Click the following link to view the Personal Consumption Expenditure price index data from FRED. Using the Series ID PCEPI, plot the the inflation rate from 1982 to 2007 as the percentage change in the Personal Consumption Expenditure price index from the same month in the previous year. O The inflation rate for November of 2021 (shown as 2021 - 11 - 01 in FRED) was %. (Round your answer to two decimal places.) The inflation rate for June of 1978 (shown as 1978 – 06 – 01 in FRED) was %. (Round your answer to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following table shows a few aggregate variables for Canada for 2017 and 2018. Year Population Employed Unemployed 2017 29,791 18,301 1,307 129 CPI Real GDP 2,031,532 2,063,439 GDP, in million current dollars 2,178,432 2,223,144 Interest rate 1.75% 1.75% Use the data in the table to determine the following: 1. The unemployment rate in 2017 Answer: 2018 30,154 18,591 1,149 132 2. the labor force participation rate in 2017 Answer: 3. The inflation rate as measured by the implicit price deflator. Answer: 4. The unemployment rate in 2018 Answer: 5. The labor force participation rate in 2018 Answer: 6. The inflation rate as measured by the CPI Answer: 7. Did the relative price of consumer goods in Canada increase, decrease or stay the same relative to the price of other elements of GDP (government purchases, investment and exports)? Would you say the labor market is improving or getting worse? Refer to specific statistics in the table and those you have calculated. Answer:
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Which of the following was a way for the Bureau of Labor Statistics to reduce the quality/new good bias in its calculation of the CPI? Remove energy and food prices. Allow for some substitution amongst products. Update the list of products included in the CPI more often and rapidly. Automatically reduce the inflation by 0.5% to account for quality/new good bias.
1. Calculating inflation using a simple price index Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student's annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table. 2017 2018 2019 Price Cost Price Cost Price Cost Quantity in Basket (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Notebooks 15 2 30 8 Calculators 1 70 70 100 130 Large coffees 250 2 500 2 Energy drinks 50 2 100 4 Textbooks 10 120 1,200 150 180 Total cost 1,900 Price index 100 Suppose the base year for this price index is 2017.
The following table shows a person's nominal and real wages for three years, as well as the price level (price index) for each year, using the first year as the base year. Fill in the blanks in the table. Then calculate the annual inflation rate for each year (not including the base year). Instructions: Round your answers to 2 decimal places. Nominal Wage ($) Real Wage ($) Inflation Rate (%) Year Price Level 1 7.00 140 5.00 2. 9.00 7.00 150.00 3 11 160.00 7.50
Suppose that the index of wholesale-to-retail beef price index for 2018 was 1.35 and the base year of this index was 2006. Relative to 2006, beef prices in 2018 were higher(lower) and by how much?
Problem 05-11 (algo) Skyler is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to collect: Unemployment rate Participation rate Not in the labor force Find the working-age population, the labor force, the number of employed workers, and the number of unemployed workers. Instructions: Enter your responses rounded to one decimal place. Working-age population: Labor force: million 6% 62.5% 63.5 million Number of employed workers: Number of unemployed workers: million million million
compare and contrast the calculations for the consumer price index and the GDP price index as measures of inflation.
The following graph shows the combinations of unemployment and inflation that existed in the United States from 1961 through 1969. NFLATION RATE (Percent) 5.0 4.5 4.0 3.5 2.5 2.0 1.5 1.0 0.5 0 3.0 * 3.5 69 68 ++ 67 66 *65 5.5, 1.4 64 + 62 + 5.0 + 63 4.0 4.5 5.5 6.0 UNEMPLOYMENT RATE (Percent) 61 + 6.5 7.0
Here are some recent data on the US consumer price index: Year CPI Year CPI Year CPI 2016 240.0 2011 224.9 2006 201.6 2015 237.0 2010 218.1 2005 195.3 2014 236.7 2009 214.5 2004 188.9 2013 233.0 2008 215.3 2003 184.0 2012 229.6 2007 207.3 2002 179.9 Compute the inflation rate of each year 2003-2016 and determine which were years of inflation. In which years did deflation occur? In which years did disinflation occur? Was there hyperinflation in any year?
Calculating inflation using a simple price index Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows the information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Question1 In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Between 2017 and 2018, the CSPI increased by_________% Between 2018 and 2019, the CSPI increased by__________% Question2 Which of the following, if true, would illustrate why price indexes such as the CSPI might overstate inflation in the cost of going to college? Check all that apply. A. Professors required each student to buy 10 textbooks, regardless of the price. B. The quality and design of calculators improved dramatically from 2017 to 2019. For…
What is a quantity index? Provide the formula. Using the data below construct a quantity index across time for year 0 as base year prices. Identify the expenditure in each year, the price index, and the inflation rate from the base year. Base prices Year 0 quantities Year 1 quantities Year 2 quantities Good 1 p, = 0.7 $%1 q*, = 2x, q', = 2.2x, q°, = 2.42x, %3D Good 2 p2 = 1.05 %2 q'2 = 4x2 q'2 = 4.4x2 q²2 = 4.84x2