2000 2005 2010 2015 2020 95.4 107 116.5 126.6 137 The above table shows a history of the Consumer Price Index (CPI) in Canada (2002 100). The price of a pair of shoes in 2020 was $69. What was the real price of the pair of shoes in 2020, expressed in 2005 dollars? O A. $53.89 O B. $49.73 O C. $61.43 O D. $58.58 page

2000 2005 2010 2015 2020 95.4 107 116.5 126.6 137 The above table shows a history of the Consumer Price Index (CPI) in Canada (2002 100). The price of a pair of shoes in 2020 was $69. What was the real price of the pair of shoes in 2020, expressed in 2005 dollars? O A. $53.89 O B. $49.73 O C. $61.43 O D. $58.58 page

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 18P

See similar textbooks

Similar questions

In 2019 and in 2020, consumers in Dexter consumed only books and pens. The prices and quantities for 2019 and 2020 are listed in the table. The reference base period for Dexter's CPI is 2019, and 2019 is also the year of the Consumer Expenditure Survey. Calculate the inflation rate in 2020. The inflation rate in 2020 is O A. 169.2 OB. 69.2 O C. 88.0 OD. 1.4 percent. **** Item Books Pens 2019 Price Quantity $8 3 $4 7 2020 Price Quantity $6 9 $10 8
Suppose the consumer price index (CPI) accurately measures inflation: At the end of 2020, the U.S. federal minimum wage was $7.25 an hour, and the CPI was 260. In 1983, the minimum wage was $3.35, and the CPI was 100. Ceteris paribus, it follows that value of the minimum wage in 1983, as measured in 2020 dollars was: O a. $1.28 O b. $8.71 O c. $12.16 O d. $18.85 Next page ge
.ull T-Mobile ? * 2:21 AM @ O 5% 4 A myopenmath.com How to calculate the inflation rate for food, 1913-2021 Start with the inflation rate formula: CPI in 2021/CPI in 1913 * 1913 USD value = 2021 USD value Then plug in historical CPI values from above. The CPI for Food was 9.923 in the year 1913 and 270.938 in 2021: 270.938/9.923 * $20 = $546.08 Therefore, according to the U.S. Bureau of Labor Statistics, $20 in 1913 has the same "purchasing power" as $546.08 in 2021 (in the CPI category of food). Use the highlighted info above to answer each question below. Round appropriately to the context. a. The absolute change in the cost of food from 1913 to 2021 was | 261.01 2$ Calculation: 261.015 b. The rate of change in the cost of food from 1913 to 2021 was $/year
Suppose the consumer price index (CPI) accurately measures inflation, and: Suppose in 1961 your grandfather earned $12,000, and the CPI in 1961 was 30. In 2020, the CPI was 260. Ceteris paribus, it follows that your grandfather's salary in 2020 dollars equals: O a. $1,385 O b. $31,200 O c. $104,000 O d. $312,000 Next page
The reference base period for the CPI is 1982-1984. In January 2018, the CPI was 247.9. What does this number tell us? This number tells us that the of the prices paid by urban consumers for a fixed basket of consumer goods and services was O A average; 147.9 percent higher in January 2018 than the average of 1982-1984 B. inflation rate; 47.9 percent per year OC. inflation rate; 147.9 percent per year O D. average; 247.9 percent higher in January 2018 than the average of 1982-1984
QUESTION 21 In 2011, a toy drone could be bought for $15 each. The same drones are available today and the price increased at exactly the rate of inflation. If the CPI in 2011 was 225 and today 256 then what is the price of that drone today? O a. $13.18 b. $17.07 c. $38.40 O d. $11.38
20) You know that a candy bar costs sixty OMR today.You also know the CPI for 1970 and the CPI for today.Which of the following would you use to compute the price of the candy bar in 1970 prices? Select one: O a. sixty OMR(today's CPI-1970 CPI) O b. sixty OMR(1970 CPI / today's CPI) O c. sixty OMR(1970 CPI-today's CPI) O d. sixty OMR(today's CPI / 1970 CPI)
table Year Price of Meat Price of Rice 2003 20 OMR 20 OMR 2004 20 OMR 30 OMR Suppose that the basket of goods in the CPI consisted of 3 kilos of meat and 2 kilos of rice. What is the consumer price index for 2004 if the base year is 2003? O a. 105 O b. 125 C. 100 O d. 115
Using the CPI below as a measure of purchasing power, calculate the "real" hourly earnings for 2020 in terms of 2018 dollars, in 2 decimal places. Year CPI Actual hourly earnings ($) 2018 1018 31.30 1025 32.50 2019 33.66 2020 1051 O a. None of the given choices O b. $30.32 O c. $34.75 O d. $32.60 O e. $32.31
If your nominal income is $80,000 and your real income in base year prices is $71,500, what is the CPI? O A. 112 O B. 106. O c. 100 O D. 89 O E. 150
In 2019 and in 2020, consumers in Dexter purchased only books and pens. 2019 2020 The prices and quantities for 2019 and 2020 are listed in the table. Item Price Quantity Price Quantity Books $4 6. $10 10 The reference base period for Dexter's CPI is 2019, and 2019 is also the year of the Consumer Expenditure Survey. Pens $6 $4 10 What is the inflation rate in 2020? The inflation rate in 2020 is percent. O A. 148.1 Ов. 2.1 OC. 80.0 D. 48.1 Click to select your answer. MacBook Air DII DD F12 F11 F10 F9 F8 20 F6 F7 F5 F4 F3 esc F1 F2 ! @ 23 $ 7 8 2 3 4 5 1 { P E R T Y Q W %3D tab L F G H S + II
A dozen eggs costs $o.88 in January 1980 and 2.11 in January 2015. The average wage for production workers was $7.58per hour in January 1980 and $19.64 in January 2015 By what percentage did the price of eggs rise? By what percentage did the wage rise? In each year, how many minutes did a worker have to work to earn enough to buy a dozen eggs? Did workers’ purchasing power in terms of eggs rise or fall?