Covid 19 pandemic has force the people in the economy Love & Laughter, to consume only 2 goods, food and clothing. The CPI is derived from the market basket of goods which consists of 25 units of food and 5 units of clothing.

K The monthly market basket for consumers consists of pizza, t-shirts, and rent. The table below shows market basket quantities and prices for the base year (Year 1) and in the following year. Product Pizza Base Year (Year 1) Quantity Price in the Price in Base Year Year 2 20 $2.50 $3.13 T-Shirts 4 $10.00 $9.00 Rent 1 $450.00 $495.00 In Year 1, the CPI for the economy is (Round both answers to one decimal place.) In Year 2, the CPI for this economy is

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Consumer price index, based on a problem from “Principles of Economics” byN. Gregory Mankiw Question 3) Wen is a typical consumer. Wen spent a total of $10 on 10 pomegranates, $36 on 3 shawarmas,and $35 on 7 cups of coffee in August. In September, Wen spent a total of $18 on 12 pomegranates, $24on 2 shawarmas, and $42 on 7 cups of coffee. In October, Wen spent a total of $22 on 11 pomegranates,$33 on 3 shawarmas, and $32 on 4 cups of coffee. a) Calculate the price of one unit of each good in each month.b) Using August as base month, calculate the CPI for each month.c) Find the inflation rate for September and October.

4. In a simple economy, people consume only 2 goods, food and clothing. The market basket of goods used to compute the CPI consists of 50 units of food and 10 units of clothing. Food Clothing 2021 price per unit $4 $10 2022 price per unit $6 $20 (1) What is the cost of basket in each year? (2) Compute CPI in each year using 2021 as base year.

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.

Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.YearGolferNominal WinningsU.S. CPIWinnings in 2021 Dollars(Dollars)(1983 = 100)1945    Byron Nelson    63,336    18        1972    Jack Nicklaus    320,542    41.8        1982    Craig Stadler    446,462    96.5        2021    John Rahm    7,705,933    264.7    7,705,933

Indicate which one of the following events will affect CPI ONLY. Oa Saudi Arabia successfully developing a vaccine for Covid-19 which is used locally as well as exported to other countries. Ob. There is a decrease in the price of meat imported from Australia. Oc.There is an increase in the price of eggs produced in Saudi Arabia Od. People buying more imported goods without any change in prices O Saudi Arabia changes its base year to 2020

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Which goods are supposed to be included in the CPI? a. All goods and services produced in the economy b. All the goods, but not the services, in the consumption component of the GDP accounts c. All goods and services in the consumption component of the GDP accounts d. All goods and services that typical consumers buy