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Question 18 options:
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relative variable.
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dichotomous variable
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real variable.
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nominal variable.
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- If the real interest rate (rreal) you pay on a one-year loan ends up being 7%, and inflation was 6% over that year, what is the nominal interest rate on your loan? Hint: enter your answer without a % sign Example: if the answer is 4%, enter 4A nominal value can increase when either prices or quantities or both increase. Select one: True FalseTo better understand how inflation is measured, pretend that the following table describes the typical consumer's complete market basket for the year. Compute the item weights for each product. Instructions: (1) Round your responses for "Annual Item Expenditure" to the nearest whole dollar. (2) Round your response for "Total Expenditure" to the nearest whole dollar. (3) Round your responses for "Item Weight" to three decimal places. Input your answers as decimal values. Do not enter them as percentages. Item Coffee Tuition Pizza Streaming TV Vacation Unit Price (P) Quantity $ 20 pounds per year 1 per year $ 150 pizzas per year $ 1 fee per month $ 1 vacation per year $ 7 4,000 10 30 350 Total Expenditure Annual Item Expenditure (Q x P) Item Weight
- If inflation rises unexpectedly by 5, indicate for each of the following whether the economic actor is helped, hurt, or unaffected: A union member with a COLA wage contract Someone with a large stash of cash in a safe deposit box A bank lending money at a fixed rate of interest A person who is not due to receive a pay raise for another 11 monthsExplain what is the relationship between the consumer price index and the inflation rate.Which component of national expenditure will be affected when a company buys a new AC for its manager’s office? The GDP deflator is a price index that does not have a base period. Evaluate the reliability of estimating inflation from a price index that does not have a base period.
- A typical consumption basket in Canada can be purchased for the following prices in two years: in Year 1, the price is $925; in Year 2, the price is $975. Calculate the Consumer Price Indexes for each year, it two ways: one using Year 1 as the base year, and the other using Year 2 as the base year. Then, calculate two inflation rates based on the two sets of price indexes you calculated. Compare the two inflation rates and discuss your result.The attached table gives the purchases of a typical consumer in Colorado Springs. These consumers purchase only restaurant meals and parking. The year 2010 is the reference base period. Is there inflation, deflation, or no change in prices in Colorado Springs from 2010 to 2011?This table indicates the historical level of the Consumer Price Index (CPI) for the United States for 1921, 1922, and 1923. Complete the table by (1) selecting the inflation rates for 1922 and 1923, and (2) indicating for each year whether there has been inflation, deflation, or hyperinflation. Year CPI Inflation Rate Change in Price Level 1921 17.9 — — 1922 16.8 1923 17.1 What rates of inflation for 1924 would be consistent with disinflation between 1923 and 1924? Check all that apply. 1.7% 11.8% 51.8% 1.8% What rates of inflation for 1924 would be consistent with hyperinflation? Check all that apply. 15.0% -1.8% 100.0% 120.0%