Will's expenditures on food for three consecutive years, along with other values, are presented in the table below.Year200920102011Expenditures on Food$5,000$5,800$6,600Consumer Price Index160.0168.0Refer to Table above. Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,750. Then x, the consumer price index for 2011, has a value ofSelect one:O a183.7Ob.185.8Oc.189.4d.187.5Clear my choice

Expenditure in 2010 = Expenditure in 2011*CPI in 2010/CPI in 2011 6235 = 6600*168/6235= 183.7…

2009 2010 2011 ditures on Food $5.000 $5.800 $6.600 mer Price Index 160.0 168.0 o Table above. Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,750. Then x, the consumer price index for 2011, has a value of one: 183.7 185.8 189.4 1875

2009 2010 2011 ditures on Food $5.000 $5.800 $6.600 mer Price Index 160.0 168.0 o Table above. Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,750. Then x, the consumer price index for 2011, has a value of one: 183.7 185.8 189.4 1875

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 12CQ

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Questions 14-15 are a set of questions. Here is the table for the questions. Will's expenditures on food for three consecutive years, along with other values, are presented in the table below. Year 2009 2010 2011 Expenditures on Food $5,000 $5,800 $6,600 Consumer Price Index 160.0 168.0 X 14. Refer to the above Table. Suppose Will's 2010 food expenditures in 2011 dollars amount to $6,235. Then x, the consumer price index for 2011, has a value of O(A) 171.2. (B) 175.0. O (C) 177.5. (D) 180.6. 15. Refer to the above Table. Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,670. Then (A) the consumer price index was 11.8 percent higher in 2011 than it was in 2009. (B) the inflation rate in 2011 was 8 percent. O(C) Will's 2011 food expenditures in 2009 dollars amount to $5,740. (D) Will's 2010 food expenditures in 2011 dollars amount to $6,210. * 3 points * 3 points
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