61) The information in the above table gives the 2000 base period market basket and prices used to construct the CPI for a small nation. The table also has 2010 prices. What is the value of the CPI for 2010?
A) 140
B) 133
C) 100
D) 71.4
E) 142
|
Item |
Quantity (2013) |
Price (2013) |
Quantity (2014) |
Price (2014) |
|
Magazines |
400 |
$5.00 |
450 |
$4.50 |
|
Movie tickets |
50 |
$6.00 |
200 |
$8.00 |
|
Pizzas |
100 |
$10.00 |
120 |
$10.50 |
The data in the table above shows the consumption by families in an economy. The year 2013 is the reference base period.
62) Based on the table above, the cost of the base period market basket in 2013 is
A) $3,300.
B) $4,885.
C) $4,650.
D) $3,885.
E) None of the above answers is correct.
63) Based on the table above, the CPI for 2013 is
A) 100.
B) 98.5.
C) 102.5.
D) 5.0%.
E) 105.1.
64) Based on the table above, the CPI for 2014 is
A) 98.5.
B) 105.1.
C) 102.5.
D) 5.0 percent.
E) 100.
65) Based on the table above, between 2013 and 2014, the inflation rate in this country was
A) -1.5 percent.
B) 105.1 percent.
C) 2.5 percent.
D) 98.5 percent.
E) -2.5 percent.
66) A country reports the total expenditures on the fixed CPI basket for the past three years. The cost of the CPI basket in 2010 was $23,000, the cost of the CPI basket for the reference base period, 2011, was $23,805, and the cost of the CPI basket in 2012 was $24,500. The CPI for 2010 is
A) 96.6.
B) 100.0.
C) 103.5.
D) 106.5.
E) 23.0.
67) A country reports the total expenditures on the fixed CPI basket for the past three years. The cost of the CPI basket in 2010 was $23,000, the cost of the CPI basket for the reference base period, 2011, was $23,805, and the cost of the CPI basket in 2012 was $24,500. The CPI for 2012 is
A) 93.9.
B) 97.2.
C) 102.9.
D) 106.5.
E) 245.0.
68) When the CPI rises ________, the inflation rate is ________.
A) steadily; zero
B) rapidly; high
C) slowly; high
D) rapidly; low
E) rapidly; either high, low, or zero depending on whether production of output is increasing, decreasing, or not changing.
69) The inflation rate is the
A) percentage change in the composition of the CPI market basket from the base year to the next year.
B) percentage change in the CPI from one year to the next year.
C) difference between the current period CPI and the base period CPI.
D) difference between the base period CPI and the current period CPI.
E) difference in the price level from one year to the next multiplied by 100.
70) The inflation rate measures the
A) average price of the goods and services consumed by urban consumers.
B) percentage change in the CPI from one year to the next year.
C) cost of the CPI market basket at current period prices divided by the cost of the CPI market basket at base period prices.
D) percentage change in the quantity of goods and services consumed by urban consumers.
E) cost of the CPI market basket at base period prices divided by the cost of the CPI market basket at current period prices.
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