The formula for the inflation rate is typically expressed as: 1. (CPI_previous - CPI_current) / CPI_current x 100 2. (CPI_current - CPI_previous) / CPI_previous x 100 3. (GDP_current - GDP_previous) / GDP_previous x 100 4. (Nominal GDP - Real GDP) / Real GDP x 100
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The formula for the inflation rate is typically expressed as:
1. (CPI_previous - CPI_current) / CPI_current x 100
2. (CPI_current - CPI_previous) / CPI_previous x 100
3. (GDP_current - GDP_previous) / GDP_previous x 100
4. (Nominal GDP - Real GDP) / Real GDP x 100
Step by step
Solved in 2 steps
- Price Year (Dollars per cupcake) 2020 1 2021 2 2022 3 Year 2020 2021 2022 Cupcakes From 2021 to 2022, nominal GDP The inflation rate in 2022 was Quantity (Number of cupcakes) 110 Use the information from the previous table to fill in the following table. Nominal GDP Real GDP (Dollars) (Base year 2020, dollars) 155 120 Price Quantity (Dollars per envelope) (Number of envelopes) 2 150 215 180 GDP Deflator and real GDP Envelopes 4 4A consumer expenditure survey reports the following information on consumer spending: 2020 2021 Price Quantity Price Quantity Product (1) $10 7 $10 7 Product (2) $6 10 $8 12 Product (3) $12 5 $14 10 a) Using 2020 as the base year, by how much does a "cost of products" index increase between 2020 and 2021? b) Calculate the inflation rate between 2020 and 2021, using the CPI you calculated in (a)Below is a list of annual CPI values for the years 2000-2003. Using these values please calculate the average annual rate of inflation over this period. Table Year CPI 2000 200.2 2001 205.6 2002 208.2 2003 209.1 4.45% 1.46% 2.97%
- The average price of tuition and fees at private 4-year colleges and universities increased from $8,300 in 1991 to $23,000 in 2006. Calculate the relative change in price from 1991 to 2006 and compare it to the overall rate of inflation as measured by the Consumer Price Index. Average tuition and fees in private 4-year colleges and universities increased by ■%. (Round to the nearest integer as needed.) Average Annual Consumer Price Index (CPI) (1982- 1984=100) Year CPI Year CPI Year CPI 1976 56.9 1989 124.0 2001 177.1 1977 60.6 1990 130.7 2002 179.9 1978 65.2 1991 136.2 2003 184.0 1979 72.6 1992 140.3 2004 188.9 1980 82.4 1993 144.5 2005 1981 90.9 1994 148.2 2006 1982 96.5 1995 152.4 2007 1983 99.6 1996 156.9 1984 103.9 1997 160.5 2009 1985 107.6 1998 163.0 2010 109.6 1999 166.6 2011 1986 1987 113.6 2000 172.2 2012 1988 118.3 195.3 201.6 207.3 2008 215.3 214.5 218.1 224.9 229.6A country’s nominal GDP rose from 600B to 770B while its real GDP rose from 500B to 550B. Calculate this country’s inflation rate (percentage change in GDP deflator values). 16.7% 10.2% 13.8% 19.6% 18.1%2) Measuring Inflation-35 points Using the Vulcan CPI information in Table 2, calculate the inflation rate for each year, only if possible. (Show all work in context.) Table 2 1810 1811 1812 1813 1814 1815 CPI 178.402 192.709 206.803 209.553 212.593 216.694 |(1776=100)
- Formula Consumer Price Index: CPI=(Price of the Market Basket in Year X)/(Price of the Market Basket in Base Year) x 100 1.Calculate CPI: Year Prices CPI (Base year: 2012) CPI (Base year: 2013) CPI (Base year: 2014) 2012 $20 100 2013 $40 2. 2014 $50 3. Formula Inflation Rate (Change in Price Level):%Δ PL=(CPI (new)-CPI (old))/(CPI (old)) x 100 Calculate the rate of inflation between Year 1 and Year 2. The price index (CPI) in Year 1 was 124.0. It was 130.7 in Year 2. If the consumer price index was 170 in one year and 180 in the next year, then the rate of inflation from one year to the next was approximately: A) 5 percent. B) 9 percent. C) 3 percent. D) 2 percent.In 1943, the classic film Casablanca was released in theaters. That year, Casablanca would bring in a total box office revenue of $3,700,000. Adjust Casablanca's box office revenue for inflation to 2021-equivalent US dollars. A) $ 12,579,221 B) $ 29,334,679 C) $ 44,591,397 D) $ 56,077,456Suppose the CPI last year is 121 and the CPI this year is 137. The CORRECT method to calculate the inflation rate is Select one: a. 137 x 121 = 258. b. (137 - 121)/100 = 0.16. c. (137/121) x 100 = 113.2. d. [(137 - 121)/121] × 100 = 13.2. %3D
- The following are the CPI values in Hong Kong for 2009 to 2014 (recorded in December): Year CPI 2009 100 2010 102.9 2011 108.8 2012 112.9 2013 117.7 2014 123.4 i) Calculate the inflation rate in 2010, 2011, 2012, 2013, and 2014. 11) What is the inflation rate from 2009 to 2014? iii) If you held $1,000,000 in a safety box at home starting in 2009, what would its present value be in 2014?The following table shows the typical market basket consumed in an economy as well as data on price for years 2001 to 2003. Use this table to calculate the inflation rate between 2001 and 2002. 2003 is the base year. Price in year Price in year Price in Year Items Quantities 2001 2002 2003 Pizza $10 $20 $0.50 $12 $25 $0.55 $11 $26 $1 10 T-shirts 10 Candy 100Here are values of the CPI (multiplied by 100) for each year from 2000 to 2010. For each year beginning with 2001, calculate the rate of inflation from the previous year. Year CPI Inflation Rate (%) 2000 133.7 2001 139.2 2002 143.3 2003 147.5 2004 151.2 2005 155.4 2006 159.9 2007 163.5 2008 166 2009 169.6 2010 175.2
