Module 15

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Inflation - Practice Quiz

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Sobre Test

macroeconomics

12th grade

inflation

47 veces realizada

Creada por

Zachary Foust

Estados Unidos

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Module 15Versión en línea Inflation - Practice Quiz por Zachary Foust 1 What is the value of the consumer price index (CPI) in the base year? a 1 b 0 c 100 2 Which of the following is basically the same number as the consumer price index (CPI)? a Gross domestic product (GDP) b The price level c The unemployment rate 3 Which of the following is a reason that the consumer price index (CPI) overstates inflation? a If the price of one good rises, households can often switch to a cheaper substitute. b If all prices rise, households become relatively poorer, reducing their standard of living. c If the CPI rises, consumers will continue to buy the same mix of goods and services. 4 Assume that the cost of a market basket in a given year is $120, and the cost of a market basket in the base year is $80. What is the consumer price index (CPI)? a 66.6 b 40 c 150 5 Assume that the cost of a market basket in a given year is $60, and the cost of a market basket in the base year is $120. What is the consumer price index (CPI)? a 100 b 50 c 200 6 Assume that the cost of a market basket in a given year is $500, and the cost of a market basket in the base year is $500. What is the consumer price index (CPI)? a 100 b 500 c 1 7 Assume that the nominal GDP is $5,000, and the real GDP is 2,000. What is the GDP deflator? a 200 b 40 c 250 8 Assume that the GDP deflator is 140, and the nominal GDP is $28,000. What is the real GDP a $14,000 b $20,000 c $24,000 9 Assume that nominal wages are $12.00 per hour, are real wages are $6.00 per hour. What is the price level? a 200 b 50 c 180 10 Assume that the consumer price index in 1990 was 240, and the consumer price index in 1991 was 249. What was the inflation rate between 1990 and 1991? a 149% b 49% c 3.75% Feedback 1 The value of the CPI is always 100 in the base year. 2 The CPI is one way of measuring the price level. 3 Even during a period of rising prices, consumers can often find cheaper substitutes in order to maintain their standard of living. 4 CPI = (given year/base year) x 100 5 CPI = (given year/base year) x 100 6 CPI = (given year/base year) x 100 7 GDP deflator = (nominal GDP/real GDP) x 100 8 GDP deflator = (nominal GDP/real GDP) x 100 9 price level = (nominal variable/real variable) x 100 10 Inflation rate = (price level in year 2 - price level in year 1)/price level in year 1 x 100

Module 15Versión en línea

Inflation - Practice Quiz

por Zachary Foust

What is the value of the consumer price index (CPI) in the base year?

100

Which of the following is basically the same number as the consumer price index (CPI)?

Gross domestic product (GDP)

The price level

The unemployment rate

Which of the following is a reason that the consumer price index (CPI) overstates inflation?

If the price of one good rises, households can often switch to a cheaper substitute.

If all prices rise, households become relatively poorer, reducing their standard of living.

If the CPI rises, consumers will continue to buy the same mix of goods and services.

Assume that the cost of a market basket in a given year is $120, and the cost of a market basket in the base year is $80. What is the consumer price index (CPI)?

66.6

150

Assume that the cost of a market basket in a given year is $60, and the cost of a market basket in the base year is $120. What is the consumer price index (CPI)?

100

200

Assume that the cost of a market basket in a given year is $500, and the cost of a market basket in the base year is $500. What is the consumer price index (CPI)?

100

500

Assume that the nominal GDP is $5,000, and the real GDP is 2,000. What is the GDP deflator?

200

250

Assume that the GDP deflator is 140, and the nominal GDP is $28,000. What is the real GDP

$14,000

$20,000

$24,000

Assume that nominal wages are $12.00 per hour, are real wages are $6.00 per hour. What is the price level?

200

180

Assume that the consumer price index in 1990 was 240, and the consumer price index in 1991 was 249. What was the inflation rate between 1990 and 1991?

149%

49%

3.75%

Feedback

The value of the CPI is always 100 in the base year.

The CPI is one way of measuring the price level.

Even during a period of rising prices, consumers can often find cheaper substitutes in order to maintain their standard of living.

CPI = (given year/base year) x 100

GDP deflator = (nominal GDP/real GDP) x 100

price level = (nominal variable/real variable) x 100

Inflation rate = (price level in year 2 - price level in year 1)/price level in year 1 x 100