Suppose the consumer price index (CPI) accurately measures inflation, and: In 1983 the CPI in the Land of Oz was 100; atthe end of 2002, the CPI was 111.1. If the CPI at the end of 2003 was 113.2, then the rate of inflation (or deflation) in 2003wasand the average annual compounded rate of inflation between 1983 and 2003 wasO a. 1.86%; 0.62%O b. 1.89%; 0.62%O c. 1.86%; 1.25%O d. 1.89%; 1.25%Next page

Answered: Suppose the consumer price index (CPI)…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following hypothetical policy changes could lower the official unemployment rate in the Philippines? (i) Increasing the mandatory retirement age in the private sector from 60 to 65 years old (ii) Increasing the years of basic education from 12 years to 13 years (iii) Expanding unemployment benefits provided by the Social Security System in terms of period of eligibility and amount O a. Only (ii) O b. Only (i) and (ii) O c. O d. Only (i) Only (iii)
If the real interest rate is 1 percent and the nominal interest rate is 3 percent, according to the Fisher equation the inflation rate is Select one: O a. 0 percent O b. 2 percent O c. -2 percent O . It is impossible to tell based on the information above
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20) You know that a candy bar costs sixty OMR today.You also know the CPI for 1970 and the CPI for today.Which of the following would you use to compute the price of the candy bar in 1970 prices? Select one: O a. sixty OMR(today's CPI-1970 CPI) O b. sixty OMR(1970 CPI / today's CPI) O c. sixty OMR(1970 CPI-today's CPI) O d. sixty OMR(today's CPI / 1970 CPI)
Suppose that the adult population is 6 million, the number of employed is 3.8 million, and the labor-force participation rate is 70%. What is the unemployment rate? Select one: O a. 6.7% O b. 10.5% O c. 9.5% O d. 9%
Suppose that some country had an adult population of about 50 million, 28.5 million were employed and 1.5 million were unemployed. What was the labor force participation rate? 1) 3% O 2) 57% 3) 60% O 4) None of the above is correct.
In millions 150 Civilian population People incapable of working 20 People not looking for work 30O Employed workers Using the table above, the unemployment rate is: 90 Select one: O a. 10% O b. 40% O c 90% Od. 31%
Real per capita GDP across the world has stayed constant since the year 1800. O true O false Which of the following would you need if you were computing U.S. real GDP in 2020? Prices from and quantities from _____. O 2012, 2020 O 2012, 2012 2020, 2020 O 2020, 2012 If nominal wages rose by 5% and the CPI grew by 3%, then how much did real wages grow by? OO O +2% O -5% O -2% O +5%
The number of the employed in a country is 55 million; the number of the unemployed is 5 million and those not in the labor force is 40 million. The labor force participation rate in this country is 40% O 50% O 20% O 60% A consumer price index of 100 in 2020 with a base year of 2019 would mean that the cost of the market basket fell (in terms of its opportunity cost) from the cost of the market basket in 2019 O fell 100% from the cost of the market basket in 2019 O rose 100% from the cost of the market basket in 2019 O rose 0% from the cost of the market basket in 2019
A dozen eggs cost $1.22 in January 1990 and $2.33 in January 2016. The average wage for workers in private industries was $10.02 per hour in January 1990 and $21.33 in January 2016. By what percentage did the price of a dozen eggs rise? 48% 91% 111% By what percentage did the wage rise? O 21% 94% 113% In order to earn enough to buy a dozen eggs, a worker had to work. Workers' purchasing power in terms of eggs minutes in January 1990 and between 1990 and 2016. minutes in January 2016.
Suppose that the price level in Canada was 100 in 2007, 105 in 2008, 110 in 2009, and 115 in 2010. Over this time period, O a) the inflation rate was positive O b) the inflation rate increased O c) the inflation rate decreased d) hyper inflation occurred O e) both a and c are correct
If the cost of health and personal care increases by 20 percet, then, other things the same, how much is the CPI likely to increase? 11 Select one: O a. by about 1 percent O b. by about 2 percent O c. by about 4 percent O d. by about 3 percent

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