Last year a CD had a price of $12 and this year it is $15. Which of the following does not express this price change accurately?
A) Price rose by 25 percent
B) Price rose by $3
C) If this year is the base year, the index number for last year would be 80
D) If last year is the base year, the index number for this year would be 80
62) Last year you purchased 20 shirts at $15 a piece, 30 CDs at $12 each, and 5 sweaters at $25 a piece. This year you buy 16 shirts at $20 a piece, 30 CDs at $15 a piece, and 8 shirts at $20 a piece. If last year's index was 100, this year's index is
63) The formula for computing a basic price index is
A) (cost of market basket today/cost of market basket in base year) × 100.
B) (cost of market basket in base year/100) × cost of market basket today.
C) (cost of market basket in base year/cost of market basket today) × 100.
D) (100/cost of market basket in base year) + cost of market basket today.
64) If the current price of a market basket of goods is $850 and the base year price for the same basket is $500, what is the value of the price index?
65) Assume that the current price of a market basket of goods is $2,500 and the base year price of the same market basket is $1,340. The price index is
66) A price index shows
A) the current cost of a basket of goods.
B) the relative price of necessities.
C) the price of goods in the future.
D) the cost of today's goods expressed in terms of the cost of goods in a base year.
67) Assume a ten percent increase in the price of all goods in 1991; if the base year is 1990, then the price index in 1991 will be
68) Assume a ten percent decrease in the price of all goods in 1991; if the base year is 1990, then the price index in 1991 will be
69) The statistical measure of the weighted average of prices of goods purchased by an urban wage earner is called the
A) Producer Price Index.
B) GDP deflator.
C) Consumer Price Index.
D) Urban Wage Index.
70) The most general indication of economy-wide inflation is captured by the
A) Consumer Price Index.
B) GDP deflator.
C) Producer Price Index.
D) Urban Wage Deflator.
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