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19 - Measuring Inflation

Authored by Benjamin Gucciardi

Arts

11th Grade

Used 2+ times

19 - Measuring Inflation
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Which group calculates the Consumer Price Index in the United States?

a. the Bureau of Labor Statistics
b. the Federal Reserve
c. the Department of Commerce
d. the Federal Open Market Committee
e. the National Bureau of Economic Research

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. By what means are the components of the market basket for the Consumer Price Index determined?

a. firm financial reports
b. real GDP estimates
c. household surveys
d. store websites
e. supermarket transaction data

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. The Consumer Price Index is calculated every

a. six months
b. year
c. month
d. two years
e. quarter

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. Which term appears in the denominator in the calculation of CPI?

a. aggregate price level in year t
b. quantity consumed in year t
c. aggregate price level in base year
d. cost of the bundle in base year
e. cost of the bundle in year t

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. According to the substitution effect, if the price of apples increases, then

a. consumers will demand more apples
b. a CPI basket that includes apples will understate the increase in the cost of living
c. apples will hold a larger weight in the C PI
d. consumers will cut back spending on all other goods
e. households will shift consumption to oranges

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. Which commission found that CPI overstated the rate of price inflation by 1.3% per year?

a. the Greene Commission
b. the Boskin Commission
c. the Okun Commission
d. the Friedman Commission
e. the Powell Commission

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. Which term appears in the numerator in the calculation of GDP deflator?

a. GNP
b. CPI in year t
c. CPI in base year
d. nominal GDP
e. real GDP

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