The country of Ambrosia calculates inflation using a consumer price index (CPI). Between 2016 and 2017 the CPI increased from 220 to 240.
What was the inflation rate between 2016 and 2017?
Economic Indicators 2.1-2.5
Quiz
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Social Studies
•
12th Grade
•
Medium
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The country of Ambrosia calculates inflation using a consumer price index (CPI). Between 2016 and 2017 the CPI increased from 220 to 240.
What was the inflation rate between 2016 and 2017?
10%
20%
9%
7%
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best explains why the consumer price index (CPI) may not accurately measure changes in the cost of living?
It doesn't include all prices, such as input costs to firms
It does not account for changes in consumers' incomes
It only includes goods purchased every day
When prices of some goods go up, consumers buy less of those and more of goods that are cheaper
When real GDP increases, the CPI doesn't change
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The table below shows quantities purchased and the prices of the only two goods citizens of Bloominonionland buy over three years.
What is the consumer price index for 2017 using 2016 as a base year?
75
67
150
50
120
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price of hamster food and many other consumer goods increased in Hamsterville. As a result, the CPI increased from 80 to 100.
What was the inflation rate in Hamsterville?
80%
25%
20%
33%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the consumer price index (CPI)?
The change in prices that a consumer would have to pay for a fixed set of goods as a percentage of the same goods in a base year
The cost of labor purchased by firms in a year divided by the cost of the same amount of labor in a base year expressed as a percentage
The cost inputs purchased by firms in a year divided by the price of the same inputs in a base year expressed as a percentage
Real GDP produced in one year divided by the real value of that GDP in another year
The dollars a person needs in order to buy a fixed collection of goods in a year, compared to a base year
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The table below shows the consumer price index (CPI) over several years for Bloominonionland.
Which of the following conclusions can be drawn based on this data?
Prices increased over all four years
real GDP increased every year except between 2017 and 2018
Prices increased between 2015 and 2017, but decreased between 2017 and 2018
2015 is the base year
The bundle of goods changed each year
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You borrow $200 from the First Bank of Westeros to purchase Kraken repellant. The bank charges a fixed nominal interest rate of 18% per year and you will repay them in one year. You and the bank both anticipate that there will be 7% inflation. However, after the loan agreement is signed, the rate of inflation turns out to be 9%.
Who is hurt by this unanticipated inflation, and why are they hurt by it?
You are hurt because the value of what is repaid has decreased
The bank is hurt because the value of what is repaid has increased
You are hurt because the value of what is repaid has increased
The bank is hurt because the value of what is repaid has decreased
We cannot tell without more information
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