Commodity 2001 price 2002 price Rice Cherries Market Basket Quantity 10 lbs. 5 Ibs. $1.00 $1.75 $1.10 $2.00 Assuming that 2001 is the base year, calculate the price index for 2002. In 2002, the price index is (Round your answer to two decimal places.) The inflation rate between 2001 and 2002 is %. (Round your answer to two decimal places.)

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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%

The following table shows a person's nominal and real wages for three years, as well as the price level (price index) for each year, using the first year as the base year. Fill in the blanks in the table. Then calculate the annual inflation rate for each year (not including the base year). Instructions: Round your answers to 2 decimal places. Nominal Wage ($) Real Wage ($) Inflation Rate (%) Year Price Level 1 7.00 140 5.00 2. 9.00 7.00 150.00 3 11 160.00 7.50