Econ 101 Exam 4 actual. attempt 1.docx - ECON101_MH_V3Topic 6 Unemployment and Employment Started on State Tuesday 1:37 PM Finished Completed on Tuesday

Econ 101 Exam 4 actual. attempt 1.docx - ECON101_MH_V3Topic...

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ECON101_MH_V3Topic 6: Unemployment and EmploymentStarted onTuesday, January 21, 2020, 1:37 PMStateFinishedCompleted onTuesday, January 21, 2020, 2:33 PMTime taken56 mins 10 secsGrade46.75 out of 55.00 (85%)Question 1Correct2.75 points out of 2.75Not flaggedFlag questionQuestion textA price index measures:Select one:a. the price of specific good or service.b. the change in the price of a specific good or service.c. only the prices that change.d. the average price of a given class of goods or services relative to the price of the same goods and services in a base year. CorrectFeedbackThe correct answer is: the average price of a given class of goods or services relative to the price of the same goods and services in a base year.Question 2Correct2.75 points out of 2.75Not flaggedFlag question
Question textThe consumer price index measures the cost of:Select one:a. a fixed basket of goods and services. Correctb. a changing basket of goods and services.c. all goods and services purchased by consumers.d. goods and services required to live above the poverty level.FeedbackThe correct answer is: a fixed basket of goods and services.Question 3Correct2.75 points out of 2.75Not flaggedFlag questionQuestion textThe practice of increasing a nominal quantity each period by an amount equal to the percentage increase in a specified price index is called:Select one:a. a substitution bias.b. the Fisher effect.c. deflating.d. indexing. CorrectFeedbackThe correct answer is: indexing.Question 4
Correct2.75 points out of 2.75Not flaggedFlag questionQuestion textThe CPI in 1974 equaled 0.49. The CPI in 1975 equaled 0.54. The rate of inflation between 1974 and 1975 was ______ percent.Select one:a. 5.0b. 5.4c. 9.3d. 10.2 CorrectFeedbackThe correct answer is: 10.2Question 5Incorrect0.00 points out of 2.75Not flaggedFlag questionQuestion textThe price of a gallon of gasoline at the pump increased by 10 percent at the same time that the inflation rate was 15 percent. The nominal price of gasoline _____, and the real price of gasoline _____.

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