quiz 9 chapter 9 solutions

quiz 9 chapter 9 solutions - Self-Test Questions Chapter 9...

This preview shows pages 1–2. Sign up to view the full content.

Chapter 9 MULTIPLE CHOICE Use the table below to answer the following questions. Table A-1 year peaches pecans 2000 \$11 per bushel \$6 per bushel 2001 \$9 per bushel \$10 per bushel 1. Refer to Table A-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. 100 b. 120 c. 200 d. 240 ANS: B Use the table below to answer the following questions . Table A-2 year price of pork price of corn 2003 \$20 \$20 2004 \$20 \$30 2. Refer to Table A-2 . Suppose that the basket of goods in the CPI consisted of 3 units of pork and 2 units of corn. What is the consumer price index for 2004 if the base year is 2003? a. 100 b. 105 c. 115 d. 120 ANS: D 3. The market basket used to calculate the CPI in Kyleland is 4 loaves of bread, 6 gallons of milk, 2 shirts and 2 pants. In 2001 bread cost \$1.00 per loaf, milk cost \$1.50 per gallon, shirts cost \$6.00 each and pants cost \$10.00 per pair. In 2002 bread cost \$1.50 per loaf, milk cost \$2.00 per gallon, shirts cost \$7.00 each and pants cost \$12.00 per pair. What was the inflation rate, as measured by the CPI, for Kyleland between 2001 and 2002? a.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/30/2011 for the course ECON 2200 taught by Professor N/a during the Fall '10 term at Algonquin College.

Page1 / 3

quiz 9 chapter 9 solutions - Self-Test Questions Chapter 9...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online