Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280601
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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Chapter 6.A, Problem 5TY
To determine
To calculate:
The real wage rate.
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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?
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In June 1970, the national minimum wage in the US was $1.60 per hour and the value of
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minimum wage have to be currently to have the same purchasing power as it had in 1970?
Below are the values of the CPI for each year from 1992-1996. For each year, beginning with 1993,
calculate the rate of inflation from the previous year.
Year
CPI
1992
1.40
1993
1.45
1994
1.48
1995
1.52
1996
1.57
Please enter your answers as percentages rounded to the nearest tenth of a percent (ie. if your
answer in your calculator is 0.02644 enter your answer as 2.6 or 2.6% not 3%, 2.644, or 0.026).
What is the inflation rate from 1992 - 1993?
What is the inflation rate from 1993-1994?
What is the inflation rate from 1994-1995?
What is the inflation rate from 1995-1996?
Chapter 6 Solutions
Macroeconomics: Principles and Policy (MindTap Course List)
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