Use the table and information below to answer the next two questions: Data for Questions 1 & 2 Product Quantity in 2011 Price in 2011 Quantity in 2016 Price in 2016 Water Bottles 100 $10 120 $12 Winter Hats 50 $15 45 $20 Baseball Tickets 200 $40 210 $45 A very simple economy produces three goods: water bottles, winter hats, and baseball tickets. The quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above. Assume that the average urban family of four consumes 3 water bottles, 5 winter hats, and 10 baseball tickets. 1.What is the CPI in 2011 using 2011 as the base year? 2.What is the CPI in year 2016 using 2011 as the base year? 3. If the price level rose in three consecutive years from 100 to 120 to 144, then the annual inflation rate over those years would A.increase B.decrease C.remain the same D.depends on the GDP

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