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- When a nominal value increases it must be true that prices have increased. Select one: True FalseA nominal value can increase when either prices or quantities or both increase. Select one: True FalseThe Consumer Price Index (CPI) is a measure of the average change in price over time from a designated reference period, at which it equals 100. The index is based on prices of basic consumer goods and services. The table provided lists the CPI for several years from 1960 to 2012. If the price change in cars parallels the change in the CPI, what would a car sell for (to the nearest dollar) in 2012 if a comparable model sold for $7,500 in 1999? Year CPI 1960 29.6 1973 1986 44.4 109.6 156.9 1999 2012 229.6 In 2012, a car would sell for approximately $ 58,176 (Round to the nearest dollar.)
- Mark Lai, a student of agricultural science in the developing country Mikatra, notes that the demand for rice increased substantially over the last ten years. He attributes this to the substantial growth in population during this period. Although rice cultivation in Mikatra is still labor-intensive, Mark observes that the inflation-adjusted wages for farm workers in the rice industry have more or less remained constant during this period, even though the supply of rice increased. This was contrary to Mark's expectations as inflation in Mikatra during this period was not very high. Which of the following, if true, is most likely to explain this outcome? A.Rice and other cereals form a smaller proportion of the food budget of higher-income individuals. B.The government of another major rice-producing country, Langun, subsidizes its rice farmers to keep its prices competitive in the global market. C.The government of Mikatra has recently set a price floor in the wheat market. D.Following…Explain how the Consumer Price Index (CPI) is calculated and critically evaluate its merits as a measure of inflation (approx 250 words)define the term inflation and deflation
- Lynda and Tom have data on the nominal price of a liter of milk in Germany in 1990 and 2010, respectively. They would like to calculate the present increase in the real price of milk over this time interval. To this end, Lynda uses a consumer price index (CPI) with the base year set at 1995 and Tom uses a CPI with the base year set at 2005. There was positive inflation between 1995 and 2005 of 3%. Based on this, it can be concluded:a) Tom and Lynda will reach the same calculation of the percentage increase in the real price of milkb) nothing can be concluded about their calculations without knowing the growth rate of real GDP between 1990 and 2010c) the nominal price of milk decreased between that 2 yearsd) Tom’s calculation of the percentage increase in the real price of milk will be higher than Lynda’se) Lynda’s calculation of the percentage increase in the real price of milk will be higher than Tom’sIf the real interest rate (rreal) you pay on a one-year loan ends up being 7%, and inflation was 6% over that year, what is the nominal interest rate on your loan? Hint: enter your answer without a % sign Example: if the answer is 4%, enter 4In Zimbabwe the rate of inflation hit 90 sextillion percent in 2009, with prices increasing tenfold every day. At that rate, how much would a $100 textbook cost one week later? Hint: Use the following equation to calculate future price: Future price = (current price) x (inflation rate)', where t is the number of days in the future. billion
- The attached table gives the purchases of a typical consumer in Colorado Springs. These consumers purchase only restaurant meals and parking. The year 2010 is the reference base period. Is there inflation, deflation, or no change in prices in Colorado Springs from 2010 to 2011?The real interest rate in Africa is 1.1%. In 2019, the inflation rate was 1.6%. The expected inflation rate in 2021 is 1.4%. Calculate by how many percentage points we expect the nominal interest rate to change between 2019 and 2021.An investment offers a 12% total return over the coming year. Bill Morneau thinks the total real return on this investment will be only 7%. What does Morneau believe the inflation rate will be over the next year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) please use fisher equation