The next four questions involve the following situation: Consider an economy with only three consumption goods: Hasbulla NFT,, laddu, and Akshay Kumar films.' The following table shows prices for 2018-2021. Use 2018 as the base year for any relevant calculations. Based on a 2018 survey, the typical consumer has an annual consumption of 3 NFTS, 600 lbs of laadu, and 25 movies. Year Price of NFT Price of laddu (lb) Price of a Movie 2018 $1 $10 $150 $10 $10 $10 2019 $1 2020 $2 $1,010 $20,000 2021 $3 $15 28. What is the CPI for 2019? (A) 509. (В) 100. (C) 148. (D) 7065. 29. What is the CPI for 2020? (A) 509. (В) 100. (C) 148. (D) 7065. 30. Based on these data and their associated Consumer Price Indices, what is the inflation rate from 2018 to 2020? (A) 6,695%. (В) 409%. (C) 100%. (D) 10,000%.
The next four questions involve the following situation: Consider an economy with only three consumption goods: Hasbulla NFT,, laddu, and Akshay Kumar films.' The following table shows prices for 2018-2021. Use 2018 as the base year for any relevant calculations. Based on a 2018 survey, the typical consumer has an annual consumption of 3 NFTS, 600 lbs of laadu, and 25 movies. Year Price of NFT Price of laddu (lb) Price of a Movie 2018 $1 $10 $150 $10 $10 $10 2019 $1 2020 $2 $1,010 $20,000 2021 $3 $15 28. What is the CPI for 2019? (A) 509. (В) 100. (C) 148. (D) 7065. 29. What is the CPI for 2020? (A) 509. (В) 100. (C) 148. (D) 7065. 30. Based on these data and their associated Consumer Price Indices, what is the inflation rate from 2018 to 2020? (A) 6,695%. (В) 409%. (C) 100%. (D) 10,000%.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The next four questions involve the following situation: Consider an economy
with only three consumption goods: Hasbulla NFTS, laddu, and Akshay Kumar films.'
The following table shows prices for 2018-2021. Use 2018 as the base year for any relevant
calculations. Based on a 2018 survey, the typical consumer has an annual consumption
of 3 NFTS, 600 lbs of laadu, and 25 movies.
Year Price of NFT Price of laddu (lb) Price of a Movie
2018
2019
2020
2021
$10
$1
$10
$150
$1
$10
$2
$1,010
$20,000
$10
$3
$15
28. What is the CPI for 2019?
(A) 509.
(В) 100.
(C) 148.
(D) 7065.
29. What is the CPI for 2020?
(A) 509.
(В) 100.
(C) 148.
(D) 7065.
30. Based on these data and their associated Consumer Price Indices, what is the
inflation rate from 2018 to 2020?
(A) 6,695%.
(В) 409%.
(C) 100%.
(D) 10,000%.
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