Let's assume that, in the United States, during March 2021, the Consumer Price Index was equal to 249.3, then during the base year, the Consumer Price Index was:
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Let's assume that, in the United States, during March 2021, the
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- 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.)What is the Consumer Price Index for 2016?According to the chart, if year 1 is the base year, what would be the GDP deflator and consumer price index for year 2?
- Suppose you are reading a magazine showing a figure that plots the U.S. GDP from 1900 to 2012 in "2005 chained dollars" . It means: a) The GDP is calculated using 2005 prices; b) The GDP is calculated applying the variable-weighted price-index approach with 2005 as the base 9. year; c) The GDP is price-adjusted based on the chain-weighted price-index approach with 2005 as the base year. d) None of the above.The following table contains data on the fictional country of Penguinia. Presented are the country's nominal GDP, real GDP, and the GDP chain price index for various years. The base year for the chain price index is 1993. Using the data in the table, fill in the blank cells with the correct values. Year Nominal GDP Real GDP GDP Chain Price Index 2002 $8,766 $6,871 127.58 2006 $8,699 119.08 2010 $9,203 $7,926 From 2002 to 2006, nominal GDP by , while real GDP by .In January 2012, one US dollar was worth 50.0 Indian rupees. Suppose that over the next year the value of the Indian rupee decreases to 61.0 Indian rupees to one US dollar. Suppose also that the price level of all goods and services in India, as measured in rupees, falls by 13.0%, so that the Indian price index falls from a value of 100 to 87.0. At the same time, suppose that the American price level increases by 6%, to 106. By what percentage did the value of the real exchange rate change over this period? Please give your answer to the nearest whole percentage point. change in real value of the exchange rate: TOOLS x10 As a result of the changes, America's consumption of Indian goods and services will likely increase. As a result of the changes, India's consumption of American goods and services will likely decrease. % O 503
- Suppose that the index of wholesale-to-retail beef price index for 2018 was 1.35 and the base year of this index was 2006. Relative to 2006, beef prices in 2018 were higher(lower) and by how much?1) If nominal GDP is $7636.0 billion and the GDP deflator is 130.2, then what is real GDP? 2) If the Consumer Price Index rose from 166.3 in 1985 to 380.1 in 2010, what would be the inflation rate over this period?Is the consumer price index a good measure of the general price increase of consumers? How?
- A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: Karaoke Machines CDs Quantity Price Quantity Price (Dollars) (Dollars) 2020 10 20 50 13 2021 15 30 60 15 Using a method similar to that used to calculate the consumer price index, the percentage change in the overall price level is . (Note: Use 2020 as the base year, and fix the basket at 1 karaoke machine and 5.As a first step in computing the consumer price index (CPI), a survey of consumers is done to determine the “basket of goods” purchased by a typical consumer. Suppose that 2009 is given as the base year and, consistent with the data shown in the table above, it was decided that the basket of goods in this economy should consist of one unit of food and two units of clothing. I. Using 2009 as the base year,what is the CPI in each year: 2009, 2010, and 2011? ii. What is the inflation rate in 2010 and 2011?In an economy, the total expenditure for a market basket of goods in year 1 ( the base year) was $4000. In year 2, the total expenditure for the same basket of goods was $ 4000. What was the price index for the economy in year 1? Year 2?