Use the following data for 2021 to answer one question: Prices That Rose Gasoline Beef Cigarettes Apples Sodas Coffee College tuition (%) Prices That Fell +49.6% Smartphones +18.6 Makeup +9.0 College textbooks +7.8 Hot dogs +7.4 Cheese +6.3 Tea +1.8 Streaming services Average Inflation Rate: +7.0% (%) -14.1% -1.3 -0.9 -0.6 -0.6 -0.3 -0.2 Instructions: Round your response to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number. How did the pace of college tuition hikes compare to the 2021 rate of inflation? The price of college tuition rose The change in tuition differed from the 2021 rate of inflation by J percent.

Use the following data for 2021 to answer one question: Prices That Rose Gasoline Beef Cigarettes Apples Sodas Coffee College tuition (%) Prices That Fell +49.6% Smartphones +18.6 Makeup +9.0 College textbooks +7.8 Hot dogs +7.4 Cheese +6.3 Tea +1.8 Streaming services Average Inflation Rate: +7.0% (%) -14.1% -1.3 -0.9 -0.6 -0.6 -0.3 -0.2 Instructions: Round your response to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number. How did the pace of college tuition hikes compare to the 2021 rate of inflation? The price of college tuition rose The change in tuition differed from the 2021 rate of inflation by J percent.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter7: Unemployment And Inflation

Section: Chapter Questions

Problem 7E

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Similar questions

Compute the inflation rate for fruit prices from 2001 to 2004.
The total price of purchasing a basket of goods in the United Kingdom over four years is: year 1=940, year 2=970, year 3=1000, and year 4=1070. Calculate two price indices, one using year 1 as the base year (set equal to 100) and the other using year 4 as the base year (set equal to 100). Then, calculate the inflation rate based on the first price index. If you had used the other price index, would you get a different inflation rate? If you are unsure, do the calculation and find out.
Inflation rates, like most statistics, are imperfect measures. Can you identify some ways that the inflation rate for fruit does not perfectly capture the rising price of fruit?
Construct the price index for a fruit basket in each year using 2003 as the base year.
What has been a typical range of inflation in the U.S. economy in the last decade or so?
With in 1 or 2 percentage points, what has the U.S. inflation rate been during the last 20 years? Draw a graph to show the data.
Describe a situation, either a government policy situation, an economic problem, or a private sector situation, where using the GDP deflator to convert from nominal to real would be more appropriate than using the CPI.
Rosalie the Retiree knows that when she retires in 16 years, her company will give her a one-time payment of 20,000. However, if the inflation rate is 6 per year, how much buying power will that 20,000 have when measured in todays dollars? Hint: Start by calculating the rise in the price level over the 16 years.
What is the difference between the price level and the tale of inflation?
Describe a situation, either a government policy situation, an economic problem, or a private sector situation, where using the CPI to convert from nominal to real would be more appropriate man using the GDP deflate:
The average annual cost(tuition, fees, and room and board) at four-year private universities rose from $6,070in 1980 to $29,257 in 2004. Calculate the percentage rise in cost from 1980 to2004, and compare it to the overall rate of inflation as measured by the Consumer Price Index. The Consumer Price Index for 1980 is82.6and the Consumer Price index for 2004 is 188.9.The percentage rise in cost from 1980 to 2004 is %??(Round to the nearest tenth as needed.)
The Consumer Price Index had a value of 218.8 in 2018 and a value of 226.23 in 2019. a. What was the inflation rate in 2018? b. If you borrowed $2500 in 2018 at an annual interest rate of 5.2%, what was the real interest rate of your loan based on the inflation rate in 2018 that you calculated above? 46 F Rain showers sc F1 1 1 Q Je A N 2 F2 2 W S - X Alt F3 3 E D F4 C 4 $ R F FS 5 % V F6 T Q Search G 6 B F7 C ^ Y H 7 FB & U N F9 8 J 80 * LG I M F10 9 K ( F11 - O . 0 ) Alt L : Ins = + Ctrl E 13? "1 Del Backspace PgUp Home Enter PgOn End 7 Home Shift L