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Inflation GDP Consumer Price Index Unemployment Rate

Total questions: 21

Worksheet time: 19mins

Name
Class
Date
1.

Assume that an economy produces just two goods, X and Y, as shown in the table above. If year 1 is the base year, the consumer price index for year 2 in this economy is

a)

57.1

b)

66.7

c)

100

d)

175

e)

250

2.

The consumer price index measures which of the following?

a)

The change over time of the weighted prices of a particular group of goods and services

b)

The change over time of the weighted wholesale price index

c)

The change over time of the difference between the gross domestic product deflator and the wholesale price index

d)

Inflation corrected for changes in the real gross domestic product

e)

Inflation corrected for changes in the wholesale price index

3.

The consumer price index (CPI) measures the

a)

value of current gross domestic product in base-year dollars

b)

prices of all consumer goods and services produced in the economy

c)

prices of selected raw materials purchased by firms

d)

prices of a specific group of goods and services purchased by consumers

e)

prices of imports, but not exports

4.
If CPI goes from 100 to 300 and your salary goes from $100,000 to $200,000, what happened to your purchasing power?
a)
Increase
b)
Decrease
c)
No change
5.
If CPI last year was 177 and the CPI this year is 186, what is the rate of inflation?
a)
8%
b)
5%
c)
6%
6.

In calculating GDP of that sector, we know that the total value added of that sector is .......

a)

$3.5

b)

$10.0

c)

$15.5

d)

$31.0

7.

Please calculate Nominal GDP in 2017...

a)

$6.7

b)

$5.1

c)

$8.4

d)

No answers are correct

8.

What is the GDP Deflator in 2018?

a)

100

b)

123.45

c)

125.37

d)

127.35

9.

Please calculate economic growth from the data above

a)

37.13%

b)

33.17%

c)

30.37%

d)

31.37%

10.
A Chik-fil-A milkshake today costs $2.75.  The Camden location sold 5,000,000 this year.  In 1961, it cost $0.80 and they sold 2,000,000.  How do I find the nominal GDP for Chik-fil-A milkshakes in 1961?
a)
2.75 x 5,000,000
b)
.80 x 2,000,000
c)
.80 x 5,000,000
d)
2.75 x 2,000,000
11.
If the consumer price index (CPI) were 131 at year-end 1999 and 125 at year-end 1998, then inflation during 1999 was 
a)
zero; prices were stable during 1999
b)
4.8 percent
c)
6.0 percen
d)
8.4 percent
12.
If the consumer price index (CPI) were 131 at year-end 1999 and 125 at year-end 1998, then inflation during 1999 was 
a)
zero; prices were stable during 1999
b)
4.8 percent
c)
6.0 percen
d)
8.4 percent
13.

Do you remember the accurate formula of Inflation Rate (%)?

a)

CPI Current Year - CPI Previous Year x 100%

CPI Current Year

b)

CPI Previous Year - CPI Current Year x 100%

CPI Current Year

c)

CPI Previous Year - CPI Current Year x 100%

CPI Previous Year

d)

CPI Current Year - CPI Previous Year x 100%

CPI Previous Year

14.

If the consumer price index rises from 120 to 132, what is the inflation rate?

a)

8%

b)

10%

c)

12%

d)

20%

15.
When inflation is high the _______________of the dollar decreases
a)
cost value
b)
purchasing power
c)
importance
d)
validity
16.
Who is most likely to be hurt by inflation?
a)
someone who borrowed money
b)
a retiree on a fixed income
c)
a business owner
d)
the U.S. government
17.

If the GDP deflator is equal to 105, it means that...

a)

GDP has decreased 5 percent

b)

the inflation rate is 5 percent

c)

GDP has increased 105 percent

d)

the inflation rate is 105 percent

18.

Is this counted in the GDP of the US?

Cars made by a Japanese company in California.

a)

Yes

b)

No

19.

A general increase in prices across an economy.

a)

Gross Domestic Product

b)

Consumer Price Index

c)

Unemployment

d)

Inflation

20.
An index that measures the prices of a market basket of goods that typical consumers purchase.
a)
Consumer Price Index
b)
Federal Reserve
c)
Bank
d)
Deflation
21.
GDP that is adjusted for inflation
a)
real GDP
b)
nominal GDP
c)
price level
d)
net national product

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