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Study Game - Topic 2.4

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Study Game - Topic 2.4

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Price Indices and Inflation

Created by

Zachary Foust
Zachary Foust
United States

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Study Game - Topic 2.4
 

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Price Indices and Inflation

by Zachary Foust
1

The table shows the cost of the same representative basket of goods in the base year 2012 and in 2013, and the average weekly nominal wage rate in 2012 and 2013. If 2012 is the base year, which of the following is true?

2

Which of the following explains why the rate of change of the consumer price index (CPI) tends to overstate the actual inflation rate?

3

In 2017 Sabrina earned an annual salary of $100,000 as an engineer. In 2018, her income rose to $105,000. The inflation rate in 2018 was 2%. How did Sabrina’s nominal income and real income change in 2018 compared to 2017?

4

Which of the following is true regarding prices in an economy?

5

If your nominal wage doubles at the same time as prices double, your real wage will

6

Assume that the price level in 2000 was 250 and the price level in the next year was 275. What is the inflation rate between these two years?

7

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

8

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

9

Analyze the table. What is the price of the market basket in 2023?

10

Analyze the table. What is the value of the consumer price index (CPI) in 2023?

11

What is the inflation rate?

12

What is the price level?

 
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