If the consumer price index was 96 in 2012, 100 in 2013, and 102 in 2014, then the base year must be   a.  2012.   b.  2013.   c.  2014.   d.  The base year cannot be determined from the given information. i believe the answer is B, i just dont understand why

Q: The Consumer Price Index (CPI) another country can be modeled by I(t) = -.078t³ + 0.95t? + 1.32t +…

A: CPI is a measure of the average change over time in the prices paid by urban consumers for a market…

Q: 2017 2018 2019 Price Cost Price Cost Price Cost Quantity in Basket (Dollars) (Dollars) (Dollars)…

A: Cost of goods current year  = Quantity in basket*price in current year. Percentage Change in CSPI =…

Q: 2. Alternative price indexes Because there isn't one single measure of inflation, the government and…

A: Nominal GDP, or unadjusted GDP, is the market value of all last/final products created in a…

Q: Using your knowledge of price indexes, answer the following questions. (a) In a base year, what will…

A: In an economy, price indexes are the tools to measure the changes in the price level or inflation…

Q: 4. The percentage increase in the Retail Price Index (RPI) from year 2015 to year 2021 is 8.8%.…

A:

Q: Change in GDP deflator: 36% Change in CPI : 35.0003% Although both GDP deflator and CPI are both…

A: GDP deflators refers to the measure of prices of newly produced goods and services in the economy in…

Q: "Consumer Price IndexGiven the following data, what was the value of the consumer price index in the…

A: The inflation rate, which describes how general prices fluctuate over the previous year, is…

Q: To measure the inflation rate, we calculate the percentage change ini.  the consumer price indexii.…

A: The inflation rate can be calculated by measuring the percentage change in GDP deflator or the…

Q: January $3.10 $10.00 $6.00 February $3.20 $10.00 $6.50 march $3.10 $10.00 $7.00 The base year(month)…

A: Price index  Price index refers to the comparison of the price of the basket of goods of the open…

Q: 1. Given the table of that people always use in Ireland Сycle Car Years Q P 20 $35 30 $156 25 $37 37…

A: Calculate CPI Basket 2018 2019 7 cycle 3 cars (7*35)+(3*156) = 245+468 = 713 (7*37)+(3*168)…

Q: Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP…

A: Pencils               Envelopes Year Price (Pp) QP PE QE 2016 $1 105 $2 190…

Q: If nominal GDP In some year Is $280 and real GDP Is $160, then the GDP price Index for that year Is…

A: Given: Nominal GDP=$280 Real GDP=$160 To find: GDP Price Index

Q: 2009 Quantity 2009 Price 2010 Quantity 2010 Price (base year) Food 2.5 2.5 5 Entertainment 2 Clothes…

A: We have the following information-   2009 Quantity 2009 Prices(base year) 2010 Quantity 2010…

Q: Consider the following table: The year 2015 Base Year Price Index = (120)   Base Year…

A: A. Nominal GDP 2016 can be calculated as follows: Nominal GDP=5×140=700 million   Real GDP can be…

Q: Assume that there are only 3 goods produced in the economy. As seen in the table above, price(P) and…

A: Nominal GDP (NGDP) = ∑(current year price x current year output)Real GDP (RGDP) = ∑(base year (2016)…

Q: 2. Alternative price indexes Because there isn't one single measure of inflation, the government and…

A: The GDP deflator is calculated by dividing the value of final goods and services produced in an…

Q: use an AE TO LAS/SAS/AD graph to represent a positive change (include the summary (rgdp,cpi,I,)

A: The economics as a study is based upon the basic idea of scarcity of resources which are present…

Q: Use the information for Economy Z to answer the question below. In which year did Economy Z have…

A: CPI measures the change in cost of market basket of goods and services.

Q: Using 2016 as the base year, calculate the Laspeyre’s Price Index for 2021. A    135.60 B    66.73…

A: Ice cream flavor Price in 2016 (Po) Price in 2021 (P1) Quantity in 2016 (Qo) P1Qo PoQo Vanilla 130…

Q: Consider the table below.  Year CPI CPI Inflation Real GDP Nominal GDP GDP Deflator GDP Inflation…

A: When talking about inflation rate, it is analyzed by comparing the current years price with the base…

Q: If nominal GDP increases by 5 percent a year and the GDP price index rises by 2 percent a​ year,…

A: The economies around the world tend to work with the motive of enhancing their economic development,…

Q: Consider an economy that produces and consumes Bread and Automobile. Data for two different years…

A: Nominal GDP is the money value of goods and services at current market prices. That is, nominal GDP…

Q: Comparison of the consumer price index over a longer period of time is problematic because: O The…

A: CPI - A Consumer Price Index measures changes in the price level of a fixed basket of consumer goods…

Q: An economy produces only three types of goods: apples, oranges and bananas, production units and…

A: Nominal GDP is the value of all final goods and services produces in any economy in a given year. So…

Q: The following table contains prices for items consumed by a person over time. Year Price of…

A: here we calculate the Price index and calculate the inflation so the calculation of the following by…

Q: Year Peaches Pecans 2016 $14 per bushel $9 per bushel 2017 $12 per bushel $14 per bushel Suppose…

A: Consumer Price Index (CPI) is a measure that calculates the weighted average of prices of a basket…

Q: Using data in the following table: a. Compute nominal GDP in each year. b. Compute real GDP in each…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: 2. Alternative price indexes Because there isn't one single measure of inflation, the government and…

A: CPI and GDP deflator are two different index to measure inflation, that is percentage increase in…

Q: 5. If the consumer price index was 90 in 2011 and five years later in 2016 it was 120, the…

A: Given :  Consumer price Index (2011) = 90  Consumer price Index (2016) = 120  ( Consumer Price Index…

Q: Suppose the Consumer Price Index in 2016 is 127.1 with 2002 as the base year a) What is the…

A: The purchasing power measures the change in the value of the dollar to the consumer of goods and…

Q: Suppose the Consumer Price Index in 2019 is 131.9​, with 2002 as the base year. ​(a) What is the…

A: Answer: Given, Consumer price index (CPI) in 2019 = 131.9 Consumer price index in base year (2002) =…

Q: use the table Assume that the reference base year is 2002 (CPI = 100)   a) What is the CPI…

A: Consumer price index measures the final value of market basket of goods and services produced in an…

Q: ble. The value of the price index in 2020 is Nominal Real Price

A: The Nominal GDP depicts the goods and services values calculated on prices of current year. The…

Q: 1.Based on the following statistic, form a price index (consider 2015 as the base year) for the…

A: "Since you have asked multiple questions, we will solve the first one for you. If you want any…

Q: Nominal GDP last year was $28,909 billion. Contracts on the futures markets are currently selling…

A: A future contract is a derivate instrument which  derives it's value from an underlying asset. In…

Q: Consumers in an economy buy only three general types of products, A, B, and C. Changes in the prices…

A: Gross domestic product is the total market value of domestically produced goods and services in an…

Q: The following Table 2 gives the consumer price index from year 2012 to 2017. Table 2 Year CPI…

A: Consumer price index is used for calculating inflation in the country. It shows the weighted average…

Q: An economy has the following real GDP and nominal GDP price index between 1989 and 1990: year…

A: GDP or Gross Domestic Product is the monetary value of all final products or goods and services,…

Q: 2. Alternative price indexes Because there isn't one single measure of inflation, the government and…

A: The GDP deflator for this year is calculated by dividing the value of all goods produced in an…

Q: Between 1929 and 1933, NNP measured in current prices fell from $96 billion to $48 billion. Over…

A: Answer: Given, Year NNP Price index 1929 $96 billion 100 1933 $48 billion 75 (a). %…

Q: Use the following table to answer the questions below                     Units            2016…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first three…

Q: Use the information from the preceding table to fill in the following table. Year Nominal GDP   Real…

A: Nominal GDP estimates the value of goods and services at prices prevailing in the current year. Real…

Q: the turover by a company in 2012 was 54.5 and in 2014 it was 75. if the cpi has inceased from 123 in…

A: Given information,  Turnover in 2012: 54.5 Turnover in 2014: 75 CPI in 2012: 123 CPI in 2014: 128

Q: Assume that a market basket of goods costs $900 in 2018.  That same market basket costs $950 in…

A: Price index, calculated using a set of numbers that allows comparison of prices from any two points…