1. What is likely to cause inflation? a. increase in oil prices b. Increase of prices of computers c. increase in the price of luxury goods d. increase in the price of automobiles Correct answer:
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- Inflation rates, like most statistics, are imperfect measures. Can you identify some ways that the inflation rate for fruit does not perfectly capture the rising price of fruit?8. The price of oil in 2005 was 5067 per barrel. "This price is still lower than the price of oil in 1991" says a government publication. If inflation has averaged 3.2% per year from 1991 to 2020, what was the price per barrel of oil in 1991?To measure inflation, economists usually refer to the consumer price index. Which of these situations will cause the consumer price index to increase? a. an increase in the relative price of products O b. an increase in the prices of the basket of goods c. none of the choices d. an increase in the level of unemployment
- Explain the inflation of the midterm in United StatesOC. The statement does not make sense. The value of a penny is always 1 cent. OD. The statement does not make sense. Due to inflation, a penny in the 18th century has less purchasing power than a penny today. The average price of tuition and fees at public 4-year colleges and universities increased from $1,700 in 1988 to $6,800 in 2009. Calculate the relative change in price from 1988 to 2009 and compare it to the overall rate of inflation as measured by the Consumer Price Index. Average Annual Consumer Price Index (CPI) (1982 - 1984=100) Year CPI Year CPI Year CPI 1989 124.0 2001 177.1 1990 130.7 2002 179.9 1991 136.2 2003 184.0 140.3 2004 144.5 2005 1994 148.2 2006 201.6 1995 152.4 2007 207.3 1996 156.9 2008 215.3 103.9 1997 160.5 2009 214.5 107.6 1998 163.0 2010 218.1 1986 109.6 1999 166.6 2011 224.9 113.6 2000 172.2 2012 229.6 1976 56.9 1977 60.6 Average tuition and fees in public 4-ycar colleges and universities increased by %. (Round to the nearest integer as needed.) 1978 65.2…Why there are sudden inflation in agricultural commodities like onions or shallots?
- The table below pertains to Studious, an economy in which the typical consumer’s basket consists of 5 books and 10 calculators. Year Price of Books Price pf Calculator 2010 $24 $8 2011 $30 $12 2012 $32 $15 - Referring to the above table compute the followings: A- The cost of the basket. B- The consumer price index. C- The inflation rate in 2012.A typical consumer's "leisure basket" in the base year 2019 is as follows: 20 movie tickets $15.00 each 4 theme park tickets $80.00 each 30 swimming passes $10.00 each 2 interstate holidays $400 each 1 international holiday $2000 each The closure of international borders decreases demand for international holidays in 2020. This causes interstate holidays to rise in price to $800 each. The price of other items in the leisure basket are unchanged. a. Calculate the change (as a percentage) in the "leisure index" between 2019 and 2020. b. Suppose consumer preferences change in 2020 and they are completely indifferent between two interstate holidays and one international holiday. In this situation, how large is the substitution bias in the "leisure index"? c. Explain how biases in the "leisure index" create a difference between the price changes consumers experience and the price changes described by the "leisure index".Inflation can be measured by the a. change in the consumer price index. b. percentage change in the consumer price index. c. percentage change in the price of a specific commodity. d. change in the price of a specific commodity.
- Which of the following statements is INCORRECT about the consumer price index? Question 5Answer a. It captures the weight or importance of the different goods and services in the basket chosen b. It measures the changes in the quantity of the typical goods and services that households consume c. It measures the changes in the prices of the typical goods and services that households consume d. It is a measure of inflation16. What is Inflation? O When there is too much money for items available, the value of the dollar decrease. O When there is not enough money for items available, the value of the dollar increases. When a bank in the United States goes bankrupt. When a company in the United States takes in gives out money to its stockholders.Explain 1 remedy for inflation in the country Saint Lucia.
