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- How do economists use a basket of goods and services to measure the price level?What is indexing?The basket of goods in the Consumer Price Index consists ofabout _________ products; that is, several hundred specific products in over__________ broad-item categories. a)800; 200 b)80,000; 400 c)200; 800 d)80,000; 200
- Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: Show all calculations and formulae Determine the value of the country’s NNI (Net National Income) at market price.Which of the following statements is INCORRECT about the consumer price index? Question 5Answer a. It captures the weight or importance of the different goods and services in the basket chosen b. It measures the changes in the quantity of the typical goods and services that households consume c. It measures the changes in the prices of the typical goods and services that households consume d. It is a measure of inflation4. What is the Consumer Price Index of the Philippines?
- Government survey-takers noted the following prices each year for the listed items. Items 2016 2017 2018 Pizza $10 $20 $20 Cell Phone Service $90 $180 $180 Crude Oil (barrel) $90 $180 $90 Calculate the percentage increase in PPI from the base year, 2016 to 2017.Ho Chi Minh wants to measure gross domestic product. He can do so by measuring Question 22 options: income and expenditures. income but not expenditures. expenditures but not income. neither income nor expenditures.Use the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: Show all calculations and formulae Calculate the value of the country’s GDE (Gross Domestic Expenditure).
- Question 15 Gross domestic product (GDP) in the economy is measured by the: market value of all final goods and services produced in the economy. total number of goods produced in the economy. total number of goods and services produced in the economy. total number of services produced in the economy.Problem Set 2: Consumer Price Index Suppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls Bottles of Pepsi Cola 2017 price € 3 € 5 € 1 2017 quantity 100 100 200 2018 price € 3 € 6 € 2 2018 quantity 100 100 200 What is the percentage change in the price of each of the three goods? Using a method similar to the CPI, compute the percentage change in the overall price If you were to learn that a bottle of Pepsi Cola increased in size from 2017 to 2018, should that information affect your calculation of the inflation rate? If so, how?Problem Set 2: Consumer Price Index Suppose that people consume only three goods, as shown in this table: Tennis Balls Golf Balls Bottles of Pepsi Cola 2017 price € 3 € 5 € 1 2017 quantity 100 100 200 2018 price € 3 € 6 € 2 2018 quantity 100 100 200 What is the percentage change in the price of each of the three goods? Using a method similar to the CPI, compute the percentage change in the overall price If you were to learn that a bottle of Pepsi Cola increased in size from 2017 to 2018, should that information affect your calculation of the inflation rate? If so, how? If you were to learn that Pepsi Cola introduced new flavors in 2018, should that information affect your calculation of the inflation rate? If so, how?
