13. Which of these statements regarding Consumer Price Index (CPI) are accurate? Select all that apply. A. The CPI can be computed for one industry or for the entire economy. B. CPI does not take into account a product's share of market sales when determining inflation for an entire economy. C. To figure out the current CPI, you first have to figure out the CPI for the base year. D. Inflation is the change in CPI.

1. In Canada, the reference base period for the CPI is 2002. By 2014, prices had risen by 25.2 percent since the base period. The inflation rate in Canada in 2015 was 1.1 percent. Calculate the CPI in Canada in 2015. 2. The base year is 2012. Real GDP in 2012 was $15 trillion. The GDP price index in 2015 was 105, and real GDP in 2015 was $16 trillion. Calculate nominal GDP in 2012 and in 2015 and the percentage increase in nominal GDP from 2012 to 2015.

Use the information in the table to calculate a consumer price index (CPI) and the inflation rate.  The base year is 1975.  Round answer to two decimal places. Market basket     Quantity     1975 prices     1976 prices A dozen eggs             21            $0.50                  $0.90 Calculator                   11              $10.50                 $14.00 Microwave oven            2              $130.00               $150.00 What is the CPI for 1975? What is the CPI for 1976? What is the inflation rate for 1976?

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