Question 1

Below is Jim Walker's income for 2013 and 2015.   What was Jim's real income for 2015?

Accepted Answer

A)  $17,000 
B)  $27,000 
C)  $15,799 
D)  $21,487 
E)  $37,000 
A)  $17,000 
B)  $27,000 
C)  $15,799 
D)  $21,487 
E)  $37,000

Question 2

The following data was collected on mutual fund prices.   Compute the Laspeyres price index to compare mutual fund prices in 2015 to 2010.

Accepted Answer

A)  245.86 
B)  154.51 
C)  153.04 
D)  147.22 
A)  245.86 
B)  154.51 
C)  153.04 
D)  147.22

Question 3

The take-home pay of Jon Greene and the CPI for 2003 and 2007 are:   What was Jon's real income in 2007?

Accepted Answer

A)  $50,175.00 
B)  $38,295.96 
C)  $39,650.00 
D)  $40,358.74 
E)  $42,780.27 
A)  $50,175.00 
B)  $38,295.96 
C)  $39,650.00 
D)  $40,358.74 
E)  $42,780.27

Question 4

Data for selected vegetables purchased at wholesale prices for 1995 and 2000 are shown below.   What is Paasche's price index?

Accepted Answer

A)  98.4 
B)  107.0 
C)  108.0 
D)  117.5 
E)  115.6 
A)  98.4 
B)  107.0 
C)  108.0 
D)  117.5 
E)  115.6

Question 5

i. The CPI is not just one index, but includes a large number of groups, subgroups and selected
Items, such as a food index, a transportation index and a shelter index.
ii. The Consumer Price Index is based on more than 600 separate goods and services used by most
Urban and rural families.
iii. One function of CPI is to allow consumers to determine the degree to which their purchasing
Power is being eroded by price increases and as such, it is a metrestick for revising wages,
Pensions and other income payments to keep pace with changes in prices.

Accepted Answer

A)  (i), (ii), and (iii) are all correct statements. 
B)  (i) and (ii) are correct statements but not (iii). 
C)  (i) and (iii) are correct statements but not (ii). 
D)  (ii) and (iii) are correct statements but not (i). 
E)  (i), (ii), and (iii) are all false statements. 
A)  (i), (ii), and (iii) are all correct statements. 
B)  (i) and (ii) are correct statements but not (iii). 
C)  (i) and (iii) are correct statements but not (ii). 
D)  (ii) and (iii) are correct statements but not (i). 
E)  (i), (ii), and (iii) are all false statements.

Question 6

The Consumer Price Index (1982-84 = 100) reports a CPI in August 2010 for Energy as 212.372. What
Is the percentage change in the price of energy compared to the base?

Accepted Answer

A)  Increased 112.372 percent 
B)  Decreased 112.372 percent 
C)  Increased 212.372 percent 
D)  Decreased 212.372 percent 
A)  Increased 112.372 percent 
B)  Decreased 112.372 percent 
C)  Increased 212.372 percent 
D)  Decreased 212.372 percent

Question 7

The Consumer Price Index was 122.8 (2002 = 100) for Canada All Items in 2013, what was the
Purchasing power of the dollar?

Accepted Answer

A)  $1.00 
B)  $0.33 
C)  $0.58 
D)  $0.81 
E)  $0.72 
A)  $1.00 
B)  $0.33 
C)  $0.58 
D)  $0.81 
E)  $0.72

Question 8

i. Canada pension plan payments and old age security pensions are periodically adjusted based on
The Consumer Price Index.
ii. The largest component of the Canadian CPI is Food.
iii. Besides measuring change in the prices of goods and services, the consumer price indexes have
A number of other applications. The CPI is used to determine real disposable personal income,
Deﬂate sales or other series, ﬁnd the purchasing power of the dollar and establish cost of living
Increases.

Accepted Answer

A)  (i), (ii), and (iii) are all correct statements. 
B)  (i) and (ii) are correct statements but not (iii). 
C)  (i) and (iii) are correct statements but not (ii). 
D)  (ii) and (iii) are correct statements but not (i). 
E)  (i), (ii), and (iii) are all false statements. 
A)  (i), (ii), and (iii) are all correct statements. 
B)  (i) and (ii) are correct statements but not (iii). 
C)  (i) and (iii) are correct statements but not (ii). 
D)  (ii) and (iii) are correct statements but not (i). 
E)  (i), (ii), and (iii) are all false statements.

Question 9

Data for selected vegetables purchased at wholesale prices for 1995 and 2000 are shown below.   What is Fisher's Ideal Index?

Accepted Answer

A)  107.5 
B)  102.6 
C)  112.8 
D)  103.2 
E)  102.7 
A)  107.5 
B)  102.6 
C)  112.8 
D)  103.2 
E)  102.7

Question 10

The following data was collected comparing car prices and quantity sold (thousands).   Compute the Laspeyres price index to compare car prices in 2010 to 2000.

Accepted Answer

A)  155.93 
B)  122.19 
C)  126.67 
D)  147.22 
A)  155.93 
B)  122.19 
C)  126.67 
D)  147.22

Question 11

The CPI for "educational books and supplies" in July of 2001 was 295.1 (1982-1984 = 100). Interpret
This index.

Accepted Answer

A)  There was no signiﬁcant increase in the price of "educational books and supplies". 
B)  The price of "educational books and supplies" increased 295.1%. 
C)  If the average price of a textbook in 1982-1984 was $25.00, the CPI for "educational books and supplies" would predict that the price of the textbook in July 2001 would be $73.78. 
D)  If the average price of a textbook in 1982-1984 was $25.00, the CPI for "educational books and supplies" would predict that the price of the textbook in July 2001 would be $48.78. 
E)  The price of "educational books and supplies" decreased 195.1%. 
A)  There was no signiﬁcant increase in the price of "educational books and supplies". 
B)  The price of "educational books and supplies" increased 295.1%. 
C)  If the average price of a textbook in 1982-1984 was $25.00, the CPI for "educational books and supplies" would predict that the price of the textbook in July 2001 would be $73.78. 
D)  If the average price of a textbook in 1982-1984 was $25.00, the CPI for "educational books and supplies" would predict that the price of the textbook in July 2001 would be $48.78. 
E)  The price of "educational books and supplies" decreased 195.1%.

Question 12

The take-home pay of Jon Greene and the CPI for 2003 and 2007 are:   What was Jon's real income in 2007?

Accepted Answer

A)  $34,046.69 
B)  $58,295.96 
C)  $39,650.00 
D)  $36,950.67 
E)  $41,200.00 
A)  $34,046.69 
B)  $58,295.96 
C)  $39,650.00 
D)  $36,950.67 
E)  $41,200.00

Question 13

The average weekly earnings (including overtime) in Canada since 2003 are given below.   Using 2003 as the base year, determine the index for 2006.

Accepted Answer

A)  101.3 
B)  1.3 
C)  201.3 
D)  103.5 
E)  106.8 
A)  101.3 
B)  1.3 
C)  201.3 
D)  103.5 
E)  106.8

Question 14

As chief statistician for the municipality, you want to compute and publish every year a special-
Purpose index, which you plan to call Index of Municipal Business Activity. Three series seem to
Hold promise as the basis for the index; namely, the price of wheat, the number of new automobiles
Sold and the rate of money turnover for the municipality (published by a local bank). Arbitrarily you
Decide that money turnover should have a weight of 60 percent; number of new automobiles sold,
30 percent; and the price of wheat, 10 percent.  
What is the Index of Municipal Business Activity for 2010 (the base year) and for 2014?

Accepted Answer

A)  100 for 2010, 139 for 2014 
B)  139 for 2010, 100 for 2014 
C)  100 for 2010, 61 for 2014 
D)  100 for 2010, 100 for 2014 
E)  100 for 2010, 160 for 2014 
A)  100 for 2010, 139 for 2014 
B)  139 for 2010, 100 for 2014 
C)  100 for 2010, 61 for 2014 
D)  100 for 2010, 100 for 2014 
E)  100 for 2010, 160 for 2014

Below is Jim Walker's income for 2013 and 2015. What was Jim's real income for 2015?

The following data was collected on mutual fund prices. Compute the Laspeyres price index to compare mutual fund prices in 2015 to 2010.

The take-home pay of Jon Greene and the CPI for 2003 and 2007 are: What was Jon's real income in 2007?

Data for selected vegetables purchased at wholesale prices for 1995 and 2000 are shown below. What is Paasche's price index?

The Consumer Price Index (1982-84 = 100) reports a CPI in August 2010 for Energy as 212.372. What Is the percentage change in the price of energy compared to the base?

The Consumer Price Index was 122.8 (2002 = 100) for Canada All Items in 2013, what was the Purchasing power of the dollar?

Data for selected vegetables purchased at wholesale prices for 1995 and 2000 are shown below. What is Fisher's Ideal Index?

The following data was collected comparing car prices and quantity sold (thousands). Compute the Laspeyres price index to compare car prices in 2010 to 2000.

The CPI for "educational books and supplies" in July of 2001 was 295.1 (1982-1984 = 100). Interpret This index.

The take-home pay of Jon Greene and the CPI for 2003 and 2007 are: What was Jon's real income in 2007?

The average weekly earnings (including overtime) in Canada since 2003 are given below. Using 2003 as the base year, determine the index for 2006.

What Is Statistics

Describing Data: Frequencydistributions and Graphic Presentation

Describing Data: Numerical Measures

Describing Data: Displaying and Exploring Pata

A Sulvey of Probability Concepts

Discrete Probability Distributions

Continuous Probabilitydistributions

Sampling Methods and the Central Umit Theorem

Estimation and Confidence Intervals

One-Sample Tests of Hypothesis

Two Sample Tests of Hypothesis

Analysis of Variance

Linear Regression and Correlation

Multiple Regression and Correlation Analysis

Decision Making and Payoff Tables in Investment Scenarios

Filters

Exam 15: Chi-Square Applications

Below is Jim Walker's income for 2013 and 2015. What was Jim's real income for 2015?

The following data was collected on mutual fund prices. Compute the Laspeyres price index to compare mutual fund prices in 2015 to 2010.

The take-home pay of Jon Greene and the CPI for 2003 and 2007 are: What was Jon's real income in 2007?

Data for selected vegetables purchased at wholesale prices for 1995 and 2000 are shown below. What is Paasche's price index?

The Consumer Price Index (1982-84 = 100) reports a CPI in August 2010 for Energy as 212.372. What Is the percentage change in the price of energy compared to the base?

The Consumer Price Index was 122.8 (2002 = 100) for Canada All Items in 2013, what was the Purchasing power of the dollar?

Data for selected vegetables purchased at wholesale prices for 1995 and 2000 are shown below. What is Fisher's Ideal Index?

The following data was collected comparing car prices and quantity sold (thousands). Compute the Laspeyres price index to compare car prices in 2010 to 2000.

The CPI for "educational books and supplies" in July of 2001 was 295.1 (1982-1984 = 100). Interpret This index.

The take-home pay of Jon Greene and the CPI for 2003 and 2007 are: What was Jon's real income in 2007?

The average weekly earnings (including overtime) in Canada since 2003 are given below. Using 2003 as the base year, determine the index for 2006.

What Is Statistics

Describing Data: Frequencydistributions and Graphic Presentation

Describing Data: Numerical Measures

Describing Data: Displaying and Exploring Pata

A Sulvey of Probability Concepts

Discrete Probability Distributions

Continuous Probabilitydistributions

Sampling Methods and the Central Umit Theorem

Estimation and Confidence Intervals

One-Sample Tests of Hypothesis

Two Sample Tests of Hypothesis

Analysis of Variance

Linear Regression and Correlation

Multiple Regression and Correlation Analysis

Decision Making and Payoff Tables in Investment Scenarios

Filters