Miami Dade College, Miami ECON 2013 chapter 11 Question1)Which of the following is not an example of a price index computed by the Bureau of Labor Statistics?                           Question 2         If the price of domestically produced power tools increases, then               Question 3         An increase in the price of bread produced domestically will be reflected in               Question 4         As long as prices are rising over time, then               Question 5         Suppose a basket of goods and services has been to calculate the CPI and 2014 has been as the base year

If the price of domestically produced power tools increases, then

An increase in the price of bread produced domestically will be reflected in

As long as prices are rising over time, then

Suppose a basket of goods and services has been to calculate the CPI and 2014 has been as the base year. In 2013, the basket’s cost was $80; in 2014, the basket’s cost was $86; and in 2015, the basket’s cost was $90. The value of the CPI in 2015 was

Table 24-6

The table below pertains to Napandsnack, an economy in which the typical consumer’s basket consists of 2 pillows and 15 hotdogs.

Refer to Table 24-6. If the base year is 2011, then the consumer price index was

Arlo is offered a job in Des Moines, where the CPI is 60, and a job in New York, where the CPI is 125. Arlo's job offer in Des Moines is for $48,000. How much does the New York job have to pay in order for the two salaries to represent the same purchasing power?

Which of the following statements about real and nominal interest rates is correct?

One of the widely acknowledged problems with using the consumer price index as a measure of the cost of living is that the CPI

Table 24-1

The table below lists annual consumer price index and inflation rates for a country over the period 2005-2010. Assume the year 2005 is used as the base year.

Refer to Table 24-1. What belongs in space A?

the CPI was 96 in 1982, and the CPI was 230 in 2012. How much money would you have needed in 2012 in order to buy what you could have bought with $500 in 1982?

Table 24-3

The table below pertains to Iowan, an economy in which the typical consumer’s basket consists of 4 pounds of pork and 3 bushels of corn. 

Refer to Table 24-3. If 2012 is the base year, then the CPI for 2013 was

Scenario 24-3

Sue Holloway was an accountant in 1944 and earned $12,000 that year. Her son, Josh Holloway, is an accountant today and he earned $210,000 in 2013. The price index was 17.6 in 1944 and 218.4 in 2013.

Refer to Scenario 24-3. Josh Holloway’s 2013 income in 1944 dollars is

The CPI is a measure of the overall cost of the goods and services bought by

In the United States, nominal interest rates were

Table 24-1

The table below lists annual consumer price index and inflation rates for a country over the period 2005-2010. Assume the year 2005 is used as the base year.

Refer to Table 24-1. What belongs in space D?

Which of the following agencies calculates the CPI?

When the consumer price index falls, the typical family

When the quality of a good improves while its price remains the same, the purchasing power of the dollar

Table 24-9

The table below lists the per gallon prices of gas and milk for the months of April, May, and June. Assume that the typical consumer buys 60 gallons of gas and 4 gallons of milk each month, and that April is the base period.

Refer to Table 24-9. What is the consumer price index for May?