The next five questions involve the following situation: Consider an economy with only three consumption goods: cocaine, silver, and Doge memes. The following table shows prices for 2017-2020. Use 2017 as the base year for any relevant calculations. Based on a 2017 survey, the typical consumer has an annual consumption of 20g of cocaine, 10 oz of silver, and 1,000 memes. Year Price of Cocaine (g) Price of Silver (oz) Price of a Meme 2017 $150 $17 $1 2018 $150 $16 $5 2019 $120 $16 $10 2020 $200 $28 $100 18. What is the CPI for 2017? (A) 100. (B) 196. (C) 301. (D) 2501. 19. What is the CPI for 2020? (A) 100. (В) 196. (C) 301. (D) 2501. 20. Based on these data and their associated Consumer Price Indices, what is the inflation rate from 2018 to 2020? (A) 2,501%. (B) 731%. (C) 100%. (D) 1,176%.
The next five questions involve the following situation: Consider an economy with only three consumption goods: cocaine, silver, and Doge memes. The following table shows prices for 2017-2020. Use 2017 as the base year for any relevant calculations. Based on a 2017 survey, the typical consumer has an annual consumption of 20g of cocaine, 10 oz of silver, and 1,000 memes. Year Price of Cocaine (g) Price of Silver (oz) Price of a Meme 2017 $150 $17 $1 2018 $150 $16 $5 2019 $120 $16 $10 2020 $200 $28 $100 18. What is the CPI for 2017? (A) 100. (B) 196. (C) 301. (D) 2501. 19. What is the CPI for 2020? (A) 100. (В) 196. (C) 301. (D) 2501. 20. Based on these data and their associated Consumer Price Indices, what is the inflation rate from 2018 to 2020? (A) 2,501%. (B) 731%. (C) 100%. (D) 1,176%.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Need help with economics review questions (multiple choice)
Transcribed Image Text:The next five questions involve the following situation: Consider an economy
with only three consumption goods: cocaine, silver, and Doge memes.' The following
table shows prices for 2017-2020. Use 2017 as the base year for any relevant calculations.
Based on a 2017 survey, the typical consumer has an annual consumption of 20g of
cocaine, 10 oz of silver, and 1,000 memes.
Year
Price of Cocaine (g) Price of Silver (oz) Price of a Meme
2017
$150
$17
$1
2018
$150
$16
$5
2019
$120
$16
$10
2020
$200
$28
$100
18. What is the CPI for 2017?
(A) 100.
(B) 196.
(C) 301.
(D) 2501.
19. What is the CPI for 2020?
(A) 100.
(В) 196.
(C) 301.
(D) 2501.
20. Based on these data and their associated Consumer Price Indices, what is the
inflation rate from 2018 to 2020?
(A) 2,501%.
(B) 731%.
(C) 100%.
(D) 1,176%.
'Doge Coin to the moon.
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