A basket of goods in 2005 costs $625; the same basket of goods cost $800 in 2010.If the base year is 2005, what is the value of this price index in 2005? Question 6Answer a. 78.125 b. 155 c. 128 d. 100
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If the base year is 2005, what is the value of this price index in 2005?
Question 6Answer
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- Name several forms of indexing in the private and public sector.In 2010 a market basket of goods and services costs $1,000. In 2011 the same market basket of goods and services costs $1,100, and in 2012 it costs $1,200. Using 2010 as the base year, what is the consumer price index in 2012? a)120 b)110 c) 109 d) none of the aboveAssume that a market basket of goods costs $900 in 2018. That same market basket costs $950 in 2019. In 2020, that same market basket of goods costs $800. If we use 2018 as the base year, what is the price index in 2020? Question 27 options: a) 5.56 b) 106 c) 89 d) 115
- A basket of goods in 2005 costs $625; the same basket of goods cost $800 in 2010.If the base year is 2005, what is the value of this price index in 2005? Question 6Answer a. 78.125 b. 155 c. 128 d. 100When the cost of a basket of goods in a given year is $22 trillion and the cost of this same basket of goods in a base year is $20 trillion, the price index is what?Suppose, in the base year, a typical market basket purchased by an urban family costs $250. In Year 1, the same market basket cost $950. What is the consumer price index (CPI) for Year 1? If the same market basket costs $1,000 in Year 2, what is the CPI for Year 2? What was the Year 2 rate of inflation?
- This table indicates the historical level of the Consumer Price Index (CPI) for the United States for 1921, 1922, and 1923. Complete the table by (1) selecting the inflation rates for 1922 and 1923, and (2) indicating for each year whether there has been inflation, deflation, or hyperinflation. Year CPI Inflation Rate Change in Price Level 1921 17.9 — — 1922 16.8 1923 17.1 What rates of inflation for 1924 would be consistent with disinflation between 1923 and 1924? Check all that apply. 1.7% 11.8% 51.8% 1.8% What rates of inflation for 1924 would be consistent with hyperinflation? Check all that apply. 15.0% -1.8% 100.0% 120.0%If the base year is 1970 and the 2016 price index is 135, purchases of $7,000 of goods in the base year would cost $___ for the same goods in 2016. (Round your response to the nearest whole number.)1) If nominal GDP is $7636.0 billion and the GDP deflator is 130.2, then what is real GDP? 2) If the Consumer Price Index rose from 166.3 in 1985 to 380.1 in 2010, what would be the inflation rate over this period?
- Suppose we shopped for a basket of goods in 2009 that cost $600. Suppose the same basket of goods costs $700 in 2010. If we use 2009 as a base year, what is the price index in 2010? Question 27 options: a) 85.7 b) 139 c) 124 d) 117Question 22 in an economy, a market basket of goods cost $6,250 in year 1. The same market basket cost $7,390 in year 2. Assuming Year 1 is the base year, the Consumer Price Index in Year 1 is equal **You must report your answer as a whole number - do not include a decimal. For example, 15 or 268 or -173... to Your Answer: AnswerA typical consumption basket in Canada can be purchased for the following prices in two years: in Year 1, the price is $925; in Year 2, the price is $975. Calculate the Consumer Price Indexes for each year, it two ways: one using Year 1 as the base year, and the other using Year 2 as the base year. Then, calculate two inflation rates based on the two sets of price indexes you calculated. Compare the two inflation rates and discuss your result.
