Quiz #5 � February 27 Show
1. What government agency produces the Consumer Price Index? A. Bureau of Economic Analysis B. Bureau of Labor Statistics C. Census Bureau D. National Bureau of Economic Research 2. What type of index is the CPI? A. True cost-of-living index B. Paasche index C. Laspeyres index D. Unweighted index E. Chained index 3. True or False: The CPI weights prices by current period quantities. A. True B. False 4. If the CPI was 250 in 2018, what was the purchasing power of the dollar in 2018? A. 0.25 B. 0.40 C. 1.00 D. 1.25 E. 2.50 5. Using the table below, what was the rate of inflation in 2019?
A. 50% B. 33% C. 25% D. 12.5% 6. If the inflation rate is 3%, and the nominal interest rate is 5%, what is the real interest rate? A. 2% B. 3% C. 5% D. 8% E. 15% 7. Using the table below, what was the real price of gasoline in 2010, expressed in 2019 dollars?
A. 0.60 B. 1.65 C. 2.58 D. 3.10 E. 6.20 8. True or False: A COLA clause preserves the real value of a payment by increasing the nominal value of the payment when there is inflation. A. True B. False 9. When inflation is higher than expected, who benefits? A. Borrowers paying a variable interest rate B. Lenders earning a fixed interest rate C. Borrowers paying a fixed interest rate D. Persons living on a fixed income E. Nobody benefits from inflation 10. Who predicted the hyperinflation in Weimar Germany in his book �The Economic Consequences of the Peace�? A. Alfred Marshall B. Winston Churchill C. Woodrow Wilson D. John Maynard Keynes Which of the following is an example of how the consumer price index CPI )( CPI exhibits bias in its estimates of changes in the cost of living?Which of the following is an example of how the consumer price index (CPI) exhibits bias in its estimates of changes in the cost of living? Product improvements are not always fully reflected in the calculation of the CPICPI.
What is the rate of real output growth per capita between years 3 and 4 hint use per capita data in the output growth rate?6. What is the rate of real output growth per capita between Years 3 and 4? . 82% (Hint: Use per capita data in the output growth rate formula.)
How will the construction of these skyscrapers impact Fitlandia's gross domestic product GDP in Year 1 and Year 2?In year 2, $40 million is spent. How will the construction of these skyscrapers impact Fitlandia's gross domestic product (GDP) in year 1 and year 2? Unaffected in year 1; increases by $100 million in year 2.
What measure is the value of the final output produced within the geographic borders of a country?GDP stands for "Gross Domestic Product" and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.
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The table below shows the consumer price index (cpi) over several years for bloominonionland.
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