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(Solved) Year Consumer Price Index Real Value of the (CPI) bonus payment Cost of Living Adjusted Payment 2010 100 $1,500 $1,500 2011 108 ? ? 2012 124.2 ? ?


Year

Consumer Price Index (CPI)

Real Value of the bonus payment

Cost of Living Adjusted Payment

2010

100

$1,500

$1,500

2011

108

?

?

2012

124.2

?

?

An individual is paid a bonus of $1,500 per year for each of three years. Calculate the real value of the bonus payment in 2011 and 2012 and the cost of living adjusted payment in 2011 and 2012. The real value is $_____ in 2011 and $______ in 2012. The cost of living adjusted payment is $_____ in 2011 and $_______ in 2012. Round your numbers to two decimal places as necessary.

Based on the information below, the quantity of goods and services produced increased by %________ and the prices of the goods and services produced increased by %_______. Enter numbers rounded to two decimal places.

Year 1

Year 2

Nominal GDP

360 billion

404.16 billion

Real GDP

320 billion

336.8 billion

Population

52 million

54 million

Prices in a foreign country are 20% lower than the home country. Will the foreign country’s purchasing power parity adjusted GDP be greater or less than its unadjusted GDP? Enter the word less or the word greater.________

A country has GDP per capita equal to $2,500. If this country’s GDP per capita increases at a rate of 2% per year then about how many years will it take for GDP per capita to equal $20,000?________

Georgia’s income per person is $34,000 and it is growing at a rate of 4% per year. Virginia’s income is $56,000 per person and it is growing at a rate of 3% per year. Income per person will increase faster in ____ in the short run and ____ in the long run.

Georgia : Georgia

Georgia : Virginia

Virginia : Georgia

Virginia : Virgini

Firm T produces 1,000 tires at a total cost of $12 each, and sells all 1,000 tires to Firm B at a price of $15 each. Firm F produces 500 bicycle frames at a total cost of $80 each, and sells all 500 frames to Firm B for a price of $100 each. Firm B produces 500 bicycles at a total cost of $200 each. Firm B sells 480 bicycles to consumers for a price of $225 each. They do not sell the remaining bicycles. Assume there is no other production in this economy. In each blank, enter a whole number with no commas and no dollar sign. The value added by firm F______ is and the value added by firm B is_______

Good

Price in 2015

Price in 2016

A

$2.10

$2.25

B

$5.10

$5.80

C

$3.05

$2.90

Joe buys 10 units of good A, 5 units of good B, and 10 units of good C. Fred buys 10 units of good A, 10 units of good B, and 5 units of good C. Which of these two people feels like the inflation rate is higher?

Joe

It is not possible to say.

Fred

They both experience the same rate of inflation.

Median household income in 1970 was $8,600 and the CPI that year had a value of 39. Median household income in 1990 was $29,500 and the CPI that year had a value of 132. Real median household income in 1970 was______ and real median household income in 1990 was_______ . Enter numerical values, measured in base year dollars, rounded to two decimal places, with no commas and no dollar signs.

The salary John’s grandfather earned in 1962 is a

purchasing power parity adjusted value.

cost of living adjusted value.

real value.

nominal value.

A firm produces 300 units at a cost of $100 each and sells 275 to consumers for $110 each. The firm’s profit is calculated as

the value of the 275 units produced minus the cost of materials purchased from other firms

the value of the 300 units produced minus the cost of materials purchased from other firms

the value of the 275 units sold minus the total cost of producing the 300 units

When calculating real GDP we keep ___ fixed and when calculating the cost of living we keep ____ fixed.

quantities : prices

quantities : quantities

prices : prices

prices : quantities

Year 1

Year 2

Nominal GDP

342 billion

369.36 billion

Real GDP

312 billion

324.48 billion

Population

52 million

57.2 million

Based on the information below, the standard of living________ and the cost of living________ . Please enter increased or decreased in each blank.

The CPI changes from 136 to 159. If you currently make $14 per hour and your employer wants your real wage to increase by 5% then how much should your employer pay you? Enter a whole number rounded to two decimal places. Do not enter a dollar sign.________

Under what circumstances will a country with a lower per capita GDP be able to catch up to a country with a higher per capita GDP?

The lower income country must grow at a faster rate than the higher income country.

The lower income country must grow at a positive rate and the higher income country must grow at a negative rate until the two countries catch up.

None. The country with a lower per capita GDP will never be able to catch up to or surpass the higher income country.

Given enough time, the lower income country will eventually catch up to the higher income country under any circumstances.

The price of a Big Mac in the home country is 3.68 Euros and the price of the identical Big Mac in Mexico is 42 pesos. The official exchange rate is 21.03 pesos per Euro. Based on this data prices in Mexico are % _____ and ________ Enter a number rounded to two decimal places as necessary in the first blank. Enter the word lower or the word higher in the second

John is a farmer who produces milk. In the current year John produces milk valued at $300,000, half of which he sells directly to consumers, and half of which he sells to TastyIce. TastyIce produces ice cream and sells it to consumers for $450,000. What is the value of GDP in this simple economy? Enter a whole number with no commas and no dollar sign, such as 1876.

________

Three goods are consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good, and it shows the market basket that is used to calculate the consumer price index. The base year is year 1.

Good

P1

P2

Basket

Milk (gallons)

$4

$4.24

6

Chicken (pounds)

$2

$2.30

8

Onions (bags)

$3

$2.85

2

Enter numbers in each blank, rounded to two decimal places as necessary. Do not enter commas or percent signs – enter 3,000 as 3000 and enter 5% as 5. The cost of the basket in year 1 is $____ and the cost of the basket in year 2 is $______ . The percentage change in the price of milk was %_____, the percentage change in the price of chicken was %______, and the percentage change in the price of onions was %______. The value of the CPI in year 1_____ is and the value of the CPI in year 2 is______ . The overall inflation rate is %______.

Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base year is year 1.

Good

P1

Q1

P2

Q2

Milk

(gallons)

$4

30

$4.20

36

Chicken

(pounds)

$2

20

$2.40

25

Onions

(bags)

$3

10

$2.70

15

Enter numbers in each blank rounded to one decimal place as necessary. Do not enter commas or percent signs – enter 3,000 as 3000 and enter 5% as 5. Nominal GDP in year 1______ is $ and nominal GDP in year 2 is $______ . Real GDP in year 1_____ is $ and real GDP in year 2 is $_______ . The growth rate of real GDP is %______. The GDP deflator in year 1_____ is and the GDP deflator in year 2 is______ . The inflation rate between the two years is %______.

Does each of the following transactions count in GDP? Enter the word yes or the word no. Do not capitalize and do not include any other words or characters. Linda visits the dentist and pays $25 ______ the government pays $1 million to families who require food assistance______ , the government pays $5 million to teachers ______, Mary buys a new computer at the Apple store______ , UCF buys a new computer from the Apple store_______ , you win the lottery and receive $500_____ , Bob volunteers at the food bank_______ , Bill goes to the mall and spends $200 on clothing made in China_______ .

Year Consumer Price Index Real Value of the
(CPI)
bonus payment Cost of Living
Adjusted Payment 2010 100 $1,500 $1,500 2011 108 ? ? 2012 124.2 ? ? An individual is paid a bonus of $1,500 per year for each of three years. Calculate the real value
of the bonus payment in 2011 and 2012 and the cost of living adjusted payment in 2011 and
2012. The real value is $_____ in 2011 and $______ in 2012. The cost of living adjusted
payment is $_____ in 2011 and $_______ in 2012. Round your numbers to two decimal places
as necessary.
Based on the information below, the quantity of goods and services produced increased by
%________ and the prices of the goods and services produced increased by %_______. Enter
numbers rounded to two decimal places.
Year 1 Year 2 Nominal GDP 360 billion 404.16 billion Real GDP 320 billion 336.8 billion Population 52 million 54 million Prices in a foreign country are 20% lower than the home country. Will the foreign country’s
purchasing power parity adjusted GDP be greater or less than its unadjusted GDP? Enter the
word less or the word greater.________ A country has GDP per capita equal to $2,500. If this country’s GDP per capita increases at a rate
of 2% per year then about how many years will it take for GDP per capita to equal $20,000?
________
Georgia’s income per person is $34,000 and it is growing at a rate of 4% per year. Virginia’s
income is $56,000 per person and it is growing at a rate of 3% per year. Income per person will
increase faster in ____ in the short run and ____ in the long run. Georgia : Georgia Georgia : Virginia Virginia : Georgia Virginia : Virgini
Firm T produces 1,000 tires at a total cost of $12 each, and sells all 1,000 tires to Firm B at a
price of $15 each. Firm F produces 500 bicycle frames at a total cost of $80 each, and sells all
500 frames to Firm B for a price of $100 each. Firm B produces 500 bicycles at a total cost of
$200 each. Firm B sells 480 bicycles to consumers for a price of $225 each. They do not sell the
remaining bicycles. Assume there is no other production in this economy. In each blank, enter a
whole number with no commas and no dollar sign. The value added by firm F______ is and the
value added by firm B is_______
Good Price in 2015 Price in 2016 A $2.10 $2.25 B $5.10 $5.80 C $3.05 $2.90 Joe buys 10 units of good A, 5 units of good B, and 10 units of good C. Fred buys 10 units of
good A, 10 units of good B, and 5 units of good C. Which of these two people feels like the
inflation rate is higher? Joe
It is not possible to say.
Fred
They both experience the same rate of inflation. Median household income in 1970 was $8,600 and the CPI that year had a value of 39. Median
household income in 1990 was $29,500 and the CPI that year had a value of 132. Real median
household income in 1970 was______ and real median household income in 1990 was_______ .
Enter numerical values, measured in base year dollars, rounded to two decimal places, with no
commas and no dollar signs.
The salary John’s grandfather earned in 1962 is a
purchasing power parity adjusted value.
cost of living adjusted value.
real value.
nominal value.
A firm produces 300 units at a cost of $100 each and sells 275 to consumers for $110 each. The
firm’s profit is calculated as
the value of the 275 units produced minus the cost of materials purchased from other firms
the value of the 300 units produced minus the cost of materials purchased from other firms the value of the 275 units sold minus the total cost of producing the 300 units
When calculating real GDP we keep ___ fixed and when calculating the cost of living we keep
____ fixed.
quantities : prices
quantities : quantities
prices : prices
prices : quantities
Year 1 Year 2 Nominal GDP 342 billion 369.36 billion Real GDP 312 billion 324.48 billion Population 52 million 57.2 million Based on the information below, the standard of living________ and the cost of
living________ . Please enter increased or decreased in each blank. The CPI changes from 136 to 159. If you currently make $14 per hour and your employer wants
your real wage to increase by 5% then how much should your employer pay you? Enter a whole
number rounded to two decimal places. Do not enter a dollar sign.________ Under what circumstances will a country with a lower per capita GDP be able to catch up to a
country with a higher per capita GDP?
The lower income country must grow at a faster rate than the higher income country.
The lower income country must grow at a positive rate and the higher income country must grow
at a negative rate until the two countries catch up. None. The country with a lower per capita GDP will never be able to catch up to or surpass the
higher income country.
Given enough time, the lower income country will eventually catch up to the higher income
country under any circumstances.
The price of a Big Mac in the home country is 3.68 Euros and the price of the identical Big Mac
in Mexico is 42 pesos. The official exchange rate is 21.03 pesos per Euro. Based on this data
prices in Mexico are % _____ and ________ Enter a number rounded to two decimal places as
necessary in the first blank. Enter the word lower or the word higher in the second
John is a farmer who produces milk. In the current year John produces milk valued at $300,000,
half of which he sells directly to consumers, and half of which he sells to TastyIce. TastyIce
produces ice cream and sells it to consumers for $450,000. What is the value of GDP in this
simple economy? Enter a whole number with no commas and no dollar sign, such as 1876.
________
Three goods are consumed in an economy during years 1 and 2. The table shows prices (P1 and
P2) for each good, and it shows the market basket that is used to calculate the consumer price
index. The base year is year 1. Good P1 P2 Basket Milk
(gallons) $4 $4.24 6 Chicken
(pounds) $2 $2.30 8 Onions
(bags) $3 $2.85 2 Enter numbers in each blank, rounded to two decimal places as necessary. Do not enter commas
or percent signs – enter 3,000 as 3000 and enter 5% as 5. The cost of the basket in year 1 is
$____ and the cost of the basket in year 2 is $______ . The percentage change in the price of
milk was %_____, the percentage change in the price of chicken was %______, and the percentage change in the price of onions was %______. The value of the CPI in year 1_____ is
and the value of the CPI in year 2 is______ . The overall inflation rate is %______.
Three goods are produced and consumed in an economy during years 1 and 2. The table shows
prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The
base year is year 1. Good P1 Q1 P2 Q2 $4 30 $4.20 36 $2 20 $2.40 25 $3 10 $2.70 15 Milk
(gallons) Chicken
(pounds) Onions
(bags) Enter numbers in each blank rounded to one decimal place as necessary. Do not enter commas or
percent signs – enter 3,000 as 3000 and enter 5% as 5. Nominal GDP in year 1______ is $ and
nominal GDP in year 2 is $______ . Real GDP in year 1_____ is $ and real GDP in year 2 is
$_______ . The growth rate of real GDP is %______. The GDP deflator in year 1_____ is and
the GDP deflator in year 2 is______ . The inflation rate between the two years is %______.
Does each of the following transactions count in GDP? Enter the word yes or the word no. Do
not capitalize and do not include any other words or characters. Linda visits the dentist and pays
$25 ______ the government pays $1 million to families who require food assistance______ , the
government pays $5 million to teachers ______, Mary buys a new computer at the Apple
store______ , UCF buys a new computer from the Apple store_______ , you win the lottery and
receive $500_____ , Bob volunteers at the food bank_______ , Bill goes to the mall and spends
$200 on clothing made in China_______ .

 


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