practice_test_2

# practice_test_2 -...

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2 Part A - Multiple Choice (50 points) Identify the letter of the choice that best completes the statement or answers the question. Answer on the scan sheet provided. Use the table below to answer the following questions. Table 24-1 year peaches pecans 2000 \$11 per bushel \$6 per bushel 2001 \$9 per bushel \$10 per bushel 1. Refer to Table 24-1 . Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans and that the base year is 2000. What was the inflation rate in 2001? a. 20 percent b. 10 percent c. 16.7 percent d. 8 percent 2. Refer to Table 24-1 . Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans and that the base year is 2000. What is the consumer price index for 2001? a. 240 b. 100 c. 200 d. 120 3. In 1970 Professor Fellswoop made \$12,000, in 1980 he earned \$24,000, and in 1990 he earned \$36,000. If the CPI was 40 in 1970, 60 in 1980, and 100 in 1990, then in terms of today's dollars, Professor Fellswoop's salary was highest in a. 1980, and lowest in 1970. b.
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## This note was uploaded on 03/17/2010 for the course ECON ECON 1BB3 taught by Professor S.malik during the Spring '10 term at Linn Benton Community College.

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practice_test_2 -...

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