Exam 11: Measuring the Cost of Living: Correcting Economic Variables for the Effects of Inflation

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Henri earned a salary of $50,000 in 2001 and $60,000 in 2012.The consumer price index was 177 in 2001 and 225 in 2012.Henri's 2001 salary in 2012 dollars is

(Multiple Choice)

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Question 61

Of Social Security benefits and federal income tax brackets,which is indexed?

(Multiple Choice)

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Question 62

Suppose today's CPI is 134.85,and suppose one must spend $580 today to purchase the same basket of goods and services that could be bought for $400 in 1989.Then the CPI in 1989 was

(Multiple Choice)

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Question 63

Suppose that over the past year,the real interest rate was 6 percent and the inflation rate was -2 percent.It follows that

(Multiple Choice)

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Question 64

Scenario 24-3 Sue Holloway was an accountant in 1944 and earned $12,000 that year.Her son,Josh Holloway,is an accountant today and he earned $210,000 in 2013.The price index was 17.6 in 1944 and 218.4 in 2013. -Refer to Scenario 24-3.In real terms,Josh Holloway's income amounts to about what percentage of Sue Holloway's income?

(Multiple Choice)

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Question 65

Suppose the CPI was 56 in 1967,and suppose one must spend $349 today to obtain the same basket of goods and services that could be bought for $100 in 1967.Then today's CPI is

(Multiple Choice)

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Question 66

In 1974,one could buy a theater ticket for $1.25.Today the same theater ticket costs $6.50.Which pair of CPIs would imply that the cost in today's dollars was the same for both tickets?

(Multiple Choice)

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Question 67

If the nominal interest rate is 7 percent and the real interest rate is -2.5 percent,then the inflation rate is

(Multiple Choice)

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Question 68

If the CPI was 108.00 in 1942 and is 336.96 today,then $10 in 1942 purchased the same amount of goods and services as

(Multiple Choice)

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Question 69

A worker received $5 for a daily wage in 1930.What is the value of that wage today if the CPI was 17 in 1930 and is 230 today?

(Multiple Choice)

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Question 70

Ruben earned a salary of $60,000 in 2001 and $80,000 in 2006.The consumer price index was 177 in 2001 and 221.25 in 2006.Ruben's 2006 salary in 2001 dollars is

(Multiple Choice)

4.9/5

(36)

Question 71

Scenario 24-3 Sue Holloway was an accountant in 1944 and earned $12,000 that year.Her son,Josh Holloway,is an accountant today and he earned $210,000 in 2013.The price index was 17.6 in 1944 and 218.4 in 2013. -Refer to Scenario 24-3.Sue Holloway's 1944 income in 2013 dollars is

(Multiple Choice)

4.7/5

(38)

Question 72

Which of the following statements is correct about the relationship between the nominal interest rate and the real interest rate?

(Multiple Choice)

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Question 73

Harry spent $39,000 in 2009 and $42,000 in 2014 on goods and services.The consumer price index was 220 for 2009 and 231 for 2014.Harry's 2009 spending in 2014 dollars is about

(Multiple Choice)

4.8/5

(30)

Question 74

Ruben earned a salary of $60,000 in 2001 and $80,000 in 2006.The consumer price index was 177 in 2001 and 221.25 in 2006.Ruben's 2001 salary in 2006 dollars is

(Multiple Choice)

4.8/5

(36)

Question 75

Scenario 24-2 The price tag on a golf ball in 1975 read $0.20,and the price tag on a golf ball in 2005 read $2.00.The CPI in 1975 was 52.3,and the CPI in 2005 was 191.3. -Refer to Scenario 24-2.The price of a 1975 golf ball in 2005 dollars is

(Multiple Choice)

4.8/5

(35)

Question 76

The nominal interest rate for a consumer loan lasting from 2007 to 2008 is 8.5 percent and the real interest rate is 4.5 percent.If the consumer price index was 200 in 2007,what would the consumer price index value be in 2008?

(Multiple Choice)

4.8/5

(37)

Question 77

When we express Babe Ruth's 1931 salary in today's dollars and compare his salary to those of current New York Yankee players,we find that the current median salary of today's Yankees is

(Multiple Choice)

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Question 78

In 1983,one could buy a model radio-controlled airplane for $11.50 each.Those same planes are available today and the price increased at exactly the rate of inflation.If the CPI today is 220.5 and in 1983 was 105,what is the price of the airplane today?

(Multiple Choice)

4.8/5

(31)

Question 79

In 1931 the price of a movie ticket was $0.25.The consumer price index was 15.2 in 1931,and 210 in 2008.Using 2008 prices,the real price of a movie in 1931 was

(Multiple Choice)

4.8/5

(33)

Question 80

Showing 61 - 80 of 124

Exam 11: Measuring the Cost of Living: Correcting Economic Variables for the Effects of Inflation

Henri earned a salary of $50,000 in 2001 and $60,000 in 2012.The consumer price index was 177 in 2001 and 225 in 2012.Henri's 2001 salary in 2012 dollars is

Of Social Security benefits and federal income tax brackets,which is indexed?

Suppose today's CPI is 134.85,and suppose one must spend $580 today to purchase the same basket of goods and services that could be bought for $400 in 1989.Then the CPI in 1989 was

Suppose that over the past year,the real interest rate was 6 percent and the inflation rate was -2 percent.It follows that

Suppose the CPI was 56 in 1967,and suppose one must spend $349 today to obtain the same basket of goods and services that could be bought for $100 in 1967.Then today's CPI is

In 1974,one could buy a theater ticket for $1.25.Today the same theater ticket costs $6.50.Which pair of CPIs would imply that the cost in today's dollars was the same for both tickets?

If the nominal interest rate is 7 percent and the real interest rate is -2.5 percent,then the inflation rate is

If the CPI was 108.00 in 1942 and is 336.96 today,then $10 in 1942 purchased the same amount of goods and services as

A worker received $5 for a daily wage in 1930.What is the value of that wage today if the CPI was 17 in 1930 and is 230 today?

Ruben earned a salary of $60,000 in 2001 and $80,000 in 2006.The consumer price index was 177 in 2001 and 221.25 in 2006.Ruben's 2006 salary in 2001 dollars is

Scenario 24-3 Sue Holloway was an accountant in 1944 and earned $12,000 that year.Her son,Josh Holloway,is an accountant today and he earned $210,000 in 2013.The price index was 17.6 in 1944 and 218.4 in 2013. -Refer to Scenario 24-3.Sue Holloway's 1944 income in 2013 dollars is

Which of the following statements is correct about the relationship between the nominal interest rate and the real interest rate?

Harry spent $39,000 in 2009 and $42,000 in 2014 on goods and services.The consumer price index was 220 for 2009 and 231 for 2014.Harry's 2009 spending in 2014 dollars is about

Ruben earned a salary of $60,000 in 2001 and $80,000 in 2006.The consumer price index was 177 in 2001 and 221.25 in 2006.Ruben's 2001 salary in 2006 dollars is

Scenario 24-2 The price tag on a golf ball in 1975 read $0.20,and the price tag on a golf ball in 2005 read $2.00.The CPI in 1975 was 52.3,and the CPI in 2005 was 191.3. -Refer to Scenario 24-2.The price of a 1975 golf ball in 2005 dollars is

The nominal interest rate for a consumer loan lasting from 2007 to 2008 is 8.5 percent and the real interest rate is 4.5 percent.If the consumer price index was 200 in 2007,what would the consumer price index value be in 2008?

When we express Babe Ruth's 1931 salary in today's dollars and compare his salary to those of current New York Yankee players,we find that the current median salary of today's Yankees is

In 1983,one could buy a model radio-controlled airplane for $11.50 each.Those same planes are available today and the price increased at exactly the rate of inflation.If the CPI today is 220.5 and in 1983 was 105,what is the price of the airplane today?

In 1931 the price of a movie ticket was $0.25.The consumer price index was 15.2 in 1931,and 210 in 2008.Using 2008 prices,the real price of a movie in 1931 was

Ten Principles of Economics

Ten Principles of Economics: How People Make Decisions

Ten Principles of Economics: How People Interact

Ten Principles of Economics: How the Economy As a Whole Works

Ten Principles of Economics: Part A

Ten Principles of Economics: Part B

Thinking Like an Economist

Thinking Like an Economist: The Economist As Scientist

Thinking Like an Economist: The Economist As Policy Adviser

Thinking Like an Economist: Why Economists Disagree

Thinking Like an Economist: Lets Get Going

Thinking Like an Economist: Graphing a Brief Review

Thinking Like an Economist: Part A

Thinking Like an Economist: Part B

Interdependence and the Gains From Trade

Interdependence and the Gains From Trade: A Parable for the Modern Economy

Interdependence and the Gains From Trade: Comparative Advantage the Driving Force of Specialization

Interdependence and the Gains From Trade: Applications of Comparative Advantage

Interdependence and the Gains From Trade: Conclusion

Interdependence and the Gains From Trade: Part A

Interdependence and the Gains From Trade: Part B

The Market Forces of Supply and Demand

The Market Forces of Supply and Demand:Markets and Competition

The Market Forces of Supply and Demand: Demand

The Market Forces of Supply and Demand: Supply

The Market Forces of Supply and Demand: Supply and Demand Together

The Market Forces of Supply and DemandConclusion How Prices Allocate Resources

The Market Forces of Supply and Demand: Part A

The Market Forces of Supply and Demand: Part B

Elasticity and Its Applications

Elasticity and Its Applications: The Elasticity of Demand

Elasticity and Its Applications: The Elasticity of Supply

Elasticity and Its Applications: Three Applications of Supply,demand,and Elasticity

Elasticity and Its Applications: Part A

Elasticity and Its Applications: Part B

Supply Demand and Government Policies

Supply Demand and Government Policies: Controls on Prices

Supply Demand and Government Policies: Taxes

Supply Demand and Government Policies: Part A

Supply Demand and Government Policies: Part B

Consumers Producers and the Efficiency of Markets

Consumers Producers and the Efficiency of Markets: Consumer Surplus

Consumers Producers and the Efficiency of Markets: Producer Surplus

Consumers Producers and the Efficiency of Markets: Market Efficiency

Consumers Producers and the Efficiency of Markets: Conclusion Market Efficiency and Market Failure

Consumers Producers and the Efficiency of Markets: Part A

Consumers Producers and the Efficiency of Markets: Part B

Application the Cost of Taxation

Application the Cost of Taxation: The Deadweight Loss of Taxation

Application the Cost of Taxation: The Determinants of the Deadweight Loss

Application the Cost of Taxation: Deadweight Loss and Tax Revenue As Taxes Vary

Application the Cost of Taxation: Conclusion

Application the Cost of Taxation: Part A

Application the Cost of Taxation: Part B

Application International Trade

Application International Trade: The Determinants of Trade

Application International Trade: The Winners and Losers From Trade

Application International Trade: The Arguments for Restricting Trade

Application International Trade: Conclusion

Application International Trade: Part A