Macroeconomics
Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 6, Problem 8WNG

(a)

To determine

The percentage change in prices.

(b)

To determine

The percentage change in prices.

(c)

To determine

The percentage change in prices.

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Which of the following indicators is used to measure the overall level of prices for goods and services in an economy over a period of time? Options: A) Gross Domestic Product (GDP) B) Consumer Price Index ( CPI) C) Unemployment rate D) Balance of trade
The Consumer Price Index (CPI) is a measure of the average change in price over time from a designated reference period, at which it equals 100. The index is based on prices of basic consumer goods and services. The table provided lists the CPI for several years from 1960 to 2012. If the price change in cars parallels the change in the CPI, what would a car sell for (to the nearest dollar) in 2012 if a comparable model sold for $7,500 in 1999? Year CPI 1960 29.6 1973 1986 44.4 109.6 156.9 1999 2012 229.6 In 2012, a car would sell for approximately $ 58,176 (Round to the nearest dollar.)
Which of the following is a reason why the Traditional CPI overstates the true price level?     A) The Traditional CPI does not include goods that are imported.       B) The Traditional CPI does not regularly account for improvements in the quality of various goods.       C) The Traditional CPI does not consider investment and capital equipment goods.       D) The Traditional CPI is reported on a monthly basis which is too infrequent for the BLS to provide an accurate measure of the price level.
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