m/assignment/6955989964/assessment es Groups Resources Grades n M41103SSHC Unit 4 Government and the Market Economy the Consumer Price Index Show instructions Question 13 (3 points) a Submissions Enabled G Question 13 of 13 | Page 5 of 5 Henry Ford increased the daily wage rate for his worker in 1914 to $5.00 a day. What would $5.00 in 1914 with a CPI of 10 be worth in 2018 dollars with the CPI of 251? Formula: 1914 dollar amount x (CPI for 2018) + (CPI for 1914) Review Answers Back

pads/Assignment_Chapter%204%20(4).pdf F3 E D Q Search DII F4 $ R F 1 2 / 3 | - The average nominal incomes earned in Eturia and the CPI are shown in the table below. 2018 $26,700 105 Nominal income CPI (2002= 100) FS to the nearest dollar. Calculate real income for each year. Enter your responses in the table above. Round your answers rounded to one decimal place, in the table above. b. By what percentage did real incomes rise in the years 2019 and 2020? Enter your responses V 4. decimal place. The information in the table below is for the economy of Mensk. Round your responses below to one 100% + | Working-age population Number of people in full-time employment Number of people in part-time employment Number of people unemployed Number of discouraged workers % 5 € a.What is the unemployment rate? b. What is the participation rate? 5. The table below shows national data for the economy of Westfall. Round your intermediate 9 @ T F6 6 B DELL Y H 8 & 7 F8 U N * 00 8 J F9 prt sc 2019…

The following table gives the most recent year-over-year CPI data from ERED". *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. xa Month/Year CPI February / 2020 258.824 February / 2021 263.161 Since prices usually rise over time, a CPI in excess of 100 suggests that the current period (monthlyear) falls after the base year. Using the CPi values shown above, calculate the inflation rate for the past year. O The inflation rate was percent. (Enter your response rounded to two decimal places.)

In detail, explain what is happening in this graph for Inflation rate based on CPI

wing faci 13. In 2018 your annual salary was $54,370 per year and the CPI was 133.4. In 2022 your annual salary was $59,140 and the CPI was 151.2. a. What should your annual salary have been in 2022 if your 2018 annual salary increased at the rate of inflation from 2018 to 2022? Round your answer to the nearest dollar. b. By what percent was your actual 2022 salary above or below your inflation adjusted salary from part (a)? You must specifically state whether it was above or below the inflation adjusted salary. (answer as a % to 2 decimals)

In 1984 Michael Jordan got a contract with Nike that was worth $500,000 a year, for the next 5 years (1984-1988, inclusive). How much the contract would worth, year-by-year, if we express it in 2018 dollars? Use the following data for this calculation: Year 1984 1985 1986 1987 1988 2018 CPI 103.9 107.6 109.6 113.6 118.3 251.631

www.m WO The country of Swedway monitors price changes on several hundred goods in 4 categories: food, housing, transportation and household goods, in accordance with the following CPI table: Calculate the contribution to inflation for each category and determine the overall inflation rate in Swedway. CATEGORY WEIGHT (%) PRICE CHANGE (%) CONTRIBUTION TO INFLATION RATE Food 40 10 Housing 30 15 Transportation 20 20 Household Goods 10 25 Total 100

13. In 2018 your annual salary was $54,370 per year and the CPI was 133.4. In 2022 your annual salary was $59,140 and the CPI was 151.2. a. What should your annual salary have been in 2022 if your 2018 annual salary increased at the rate of inflation from 2018 to 2022? Round your answer to the nearest dollar. b. By what percent was your actual 2022 salary above or below your inflation adjusted salary from part (a)? You must specifically state whether it was above or below the inflation adjusted salary. (answer as a % to 2 decimals)

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Please calculate CPI and inflation using the following basket of goods (round outlays [for calculations] and all other answers to the second decimal place when necessary) Goods Average Qty Avg. Price 2021 Clothing 15 $200 Cell Phone Plan 11 $75 Housing 10 $1,250 Milk 30 $3 Streaming Services 22 $19 Vehicle Payments 10 $450 BASE YEAR OUTLAY = $14,000.00 2020 CPI = 147 What is the 2021 CPI? What was the inflation rate from 2020 to 2021?