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Unformatted text preview: 3. If the Consumer Price Index was 102.2 in 2002 and 104.9 in 2003, we can conclude that a. the prices of all consumer goods were higher in 2003 than in 2002 b. the prices of all consumer goods were lower in 2003 than in 2002 c. the price level fell from 2002 to 2003 d. the price level rose from 2002 to 2003 e. the base year was 2001 4. Assume that the professors at a local college have gone without a pay increase for 4 years during a tough time. Suppose that things start to look up and the President of the college wants to make up for lost time. If the CPI in 2002 was 160 and 200 in 2006, how much will salaries have to increase to bring the faculty back up to their real income from 2002. ? a. 175% b. 150% c. 25% d. 16% e. 14% 5. What was the US unemployment rate in March? a. 4.7% b. 4.9% c. 5.1% d. 5.3% e. 5.2%...
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- Spring '09