IU+Sp10+E202+ex1+extra

# IU+Sp10+E202+ex1+extra - Exam 1 extra March 81 April 91...

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Exam 1 extra Price of gasoline CPI (1982-84) March ’81 \$1.39 88.5 April ‘91 \$1.16 135.2 June ‘08 \$4.12 218.8 Aug ’09 \$2.68 215.8 1. Using Aug 2009 as the base year, what is the real price of gas for March 1981, April 1991, June 2008 and August 2009? Between what years was there inflation? Deflation? What percent? 2. Let’s say in 2006 you earned \$35,000. In 2008 you earned \$40,000. Use the BLS website to find the annual CPI (all items 1982-1984 = 100) to answer the following questions. a. What is the inflation rate from 2005 to 2008? b. Is your salary keeping up with inflation? Why or why not? 3. What part(s) of GDP (C,I,G,X), if any, would each of the following transactions affect for 2009? a. You buy a new Apple computer. b. Your business buys a new Dell computer. c. You buy gas for your 2005 Honda Accord. d. You buy a new 2007 Honda Prius. ) e. Indiana builds a bridge over Lake Monroe. f. You buy a Sony TV. g. An increase in inventory of unsold 2009 Ford F150s. 4. Consider the following data on U.S. GDP (FRED):

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## This note was uploaded on 02/02/2010 for the course ECON-E 202 taught by Professor Nahn during the Spring '08 term at Indiana.

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IU+Sp10+E202+ex1+extra - Exam 1 extra March 81 April 91...

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