In Japan, suppose the CPI for the year 2010 is 150 and the CPI for 2011 is 135. Japan has experienced ____ in the amount of ___% over this time period. Question 11Answer a. Inflation; 15% b. Deflation; 10% c. Deflation; 15% d. Inflation; 10%
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Question 11Answer
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- Suppose for Candyland the cost of a CPI basket is worth $500 in 2016, and the same basket is worth $600 in 2017. Answer the following questions a. Using 2016 as the base year, calculate the CPIs of 2016 and 2017, respectively. Then calculate the inflation rate between 2016 and 2017. Show steps. b. If a computer costs $1500 in 2016, using the CPIs you calculated in (a), what is the cost of this computer if measured in 2017 dollars? Show steps. Hint: the same computer should have the same real values in both years.Suppose in an economy where consumers buy only the 3 goods in the table below. D. Coffee Potato Banana Year Price Price Price $2 $2 $3 $1 2018 2019 $2 $2 Assume the market basket contains 90 potatoes, 30 coffees and 100 bananas. With 2018 as the base year, use the CPI (consumer price index) method to calculate the inflation rate in 2019.Refer to the following table. Suppose the CPI basket consists of 10 pies of pizza and 20 bottles of milk respectively, and 2020 is the base year. Year Price of pizza Price of milk 2020 $250 $40 2021 $280 $45 a. Calculate the CPI in 2020 and 2021 respectively. What is the inflation rate in 2021? b. Suppose the minimum wage is $37.5 per hour in 2020, how much would it be in 2021 in order to maintain the same purchasing power in 2020? c. Which one do you think is a better measure of a household's cost of living, CPI or GDP deflator? Why?
- What information is given by the CPI? The CPI tells us _______. A. the price level in a given period expressed as a percentage of the price level in the base period, which equals zero B. the price level in a given period expressed as a percentage of the price level in the base period, which equals 100 C. the inflation rate in a given period compared to the inflation rate in the base period, which equals 100 D. the inflation rate in a given period compared to the inflation rate in the base period, which equals zeroa) In 2015 (the base year), the representative consumer bought 20 cinema tickets at $12 each, and 1 laptop computer at a price of $500. In 2016, the price of cinema tickets rose to $15 each and the price of a laptop rose to $550. Calculate the inflation rate between 2015 and 2016. b) List the three types of biases of the consumer price index (CPI). If using the price index presented above, provide examples for how each of these three biases would apply to the measured level of inflation for the year 2020 (no calculations necessary).Refer to the following table. Suppose the CPI basket consists of 10 pies of pizza and 20 bottles of milk respectively, and 2020 is the base year. Year Price of pizza Price of milk 2020 $250 $40 2021 $280 $45 а. Calculate the CPI in 2020 and 2021 respectively. What is the inflation rate in 2021? b. Suppose the minimum wage is $37.5 per hour in 2020, how much would it be in 2021 in order to maintain the same purchasing power in 2020?. С. Which one do you think is a better measure of a household's cost of living, CPI or GDP deflator? Why?*
- The average price of tuition and fees at private 4-year colleges and universities increased from $8,300 in 1991 to $23,000 in 2006. Calculate the relative change in price from 1991 to 2006 and compare it to the overall rate of inflation as measured by the Consumer Price Index. Average tuition and fees in private 4-year colleges and universities increased by ■%. (Round to the nearest integer as needed.) Average Annual Consumer Price Index (CPI) (1982- 1984=100) Year CPI Year CPI Year CPI 1976 56.9 1989 124.0 2001 177.1 1977 60.6 1990 130.7 2002 179.9 1978 65.2 1991 136.2 2003 184.0 1979 72.6 1992 140.3 2004 188.9 1980 82.4 1993 144.5 2005 1981 90.9 1994 148.2 2006 1982 96.5 1995 152.4 2007 1983 99.6 1996 156.9 1984 103.9 1997 160.5 2009 1985 107.6 1998 163.0 2010 109.6 1999 166.6 2011 1986 1987 113.6 2000 172.2 2012 1988 118.3 195.3 201.6 207.3 2008 215.3 214.5 218.1 224.9 229.6Year CPI 1996 157 1997 161 1998 163 Refer to Table 9-6. Consider the following values of the consumer price index for 1996, 1997, and 1998: The inflation rate for 1997 was equal to Select one: a. 2.0 percent. b. 1.2 percent. c. 2.5 percent. d. 4.0 percent.Suppose a basket of goods and services has been selected to calculate the CPI and 2018 has been selected as the base year. In 2017, the basket’s cost was $80; in 2018, the basket’s cost was $86; and in 2019, the basket’s cost was $90. The value of the CPI in 2019 was a 104.6 and the inflation rate was 4.6%. b 104.6 and the inflation rate was 12.5%. c 112.5 and the inflation rate was 12.5%. d 112.5 and the inflation rate was 4.6%.
