Table 2.3 (use to answer questions 1-4) A statistical agenc

Table 2.3 (use to answer questions 1-4) A statistical agency… Table 2.3 (use to answer questions 1-4) A statistical agency measures the price index using a basket of consumer goods. This table shows the price in dollars for this basket of goods for four years.Use 1990 as the base year. Calculate the value of the consumer price index in 1990-1993. The formula for determining the price index in a given year is:Price Index = 100 x (Price Level in Given Year/Price Level in Base Year) What is the 1991 index value?Answer: Question 2Not yet answeredPoints out of 1.00Flag questionQuestion textWhat was the inflation rate for 1993?(ex: input the value you find on the vertical axis. So, if 1991 corresponds to a 40.2% inflation rate then you will input: 40. All answers must correspond to values found on the vertical axis (e.g., 5, 10, 15, 20, etc.). Round if necessary.)Answer: Question 3Not yet answeredPoints out of 1.00Flag questionQuestion textUsing table 2.3, in 1993:Select one:A.The inflation rate and the price index both fell  B.The inflation rate fell but the price index increased  C.The inflation rate increased and the price index fell  D.The inflation rate and the price index both increased  Clear my choiceQuestion 4Not yet answeredPoints out of 1.00Flag questionQuestion textCalculate inflation rates for 1991, 1992, and 1993, using this formula:Inflation = 100% x [(Price Index in Given Year – Price Index in Previous Year)/(Price Index in Previous Year)]Plot your data on the blank graph below: (You can’t calculate the inflation rate for 1990 because you don’t know the price index in 1989.)When you plot the data, you may need to round your value to the nearest tick value on the vertical axis.What was the inflation rate in 1992?(ex: input the value you find on the vertical axis. So, if 1991 corresponds to a 40.2% inflation rate then you will input: 40. All answers must correspond to values found on the vertical axis (e.g., 5, 10, 15, 20, etc.). Round if necessary.)If you have problems viewing this graph you can download it with this link.Answer: Question 5Not yet answeredPoints out of 1.00Flag questionQuestion textThe price index that monitors the prices of the widest range of goods and services is the:Select one:A.Consumer price index  B.GDP price deflator  C.Producer price index  D.Personal consumption expenditure  Clear my choiceQuestion 6Not yet answeredPoints out of 1.00Flag questionQuestion textThe term “nominal income” refers to:Select one:A.Money income adjusted for any change in the price level  B.Real purchasing power  C.Real purchasing power deflated for rising prices  D.Money income measured in current dollars  Clear my choiceQuestion 7Not yet answeredPoints out of 1.00Flag questionQuestion textDirect and important microeconomic consequences of inflation include all of the following except:Select one:A.Cyclical effects  B.Income effects  C.Wealth effects  D.Price effects  Clear my choiceQuestion 8Not yet answeredPoints out of 1.00Flag questionQuestion textThe statistical agency in charge of compiling and publishing CPI is:Select one:A.Bureau of Price  B.Bureau of Economic Analysis  C.Price Index Bureau  D.Bureau of Labor Statistics  Clear my choiceQuestion 9Not yet answeredPoints out of 1.00Flag questionQuestion textData HuntGo to the following site:https://www.bls.gov/cpi/home.htmClick on the About CPI link on the top/left of the page (then click on Questions and Answers). How often is the CPI census conducted? (ex: If the census is conducted every 5 years, then enter 5)Answer: Question 10Not yet answeredPoints out of 1.00Flag questionQuestion textData HuntGo to the following site:http://www.bls.govFind the “Latest Numbers” section on the right of the page.  Click on the graph icon  next to the data for CPI. What was the 1-month percent change for August 2012. Enter your data exactly as it appears in the table. For example, if you see 0.3 then you should enter 0.3Answer:                                                                                                    Business Economics Macroeconomics ECON 2

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