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Assume that the CPI basket contains only 3 goods

Question # 00573726
Subject: Economics
Due on: 08/11/2017
Posted On: 08/11/2017 05:17 AM

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1. Assume that the CPI basket contains only 3 goods – Shoes, tuition and coffee. Use the following
information to answer the questions.
CPI basket quantity 2010 price 2011 price 2012 price Shoes 5 10 5 5 Tuition 15 100 150 200 Coffee 100 4 4 4 

a. What is the cost of the CPI basket in 2010? _________ 
b. What is the cost of the CPI basket in 2011? _________ 
c. What is the cost of the CPI basket in 2012? _________ 
d. If 2011 is the reference base period, find the:
i. CPI in 2010_________
ii. CPI in 2011 _________
iii. CPI in 2012 _________ 

2. The table below shows the price index for 2 years in 3 regions.
Rust Belt Sun Belt Bible Belt 1900 50 100 150 1950 65 135 249 a. Between 1900 and 1950, find the inflation rate in the:
i. Rust Belt =
ii. Sun Belt =
iii. Bible Belt = 

3. In January 2011, the government of Keynesland took a census count of its population. At this time, it
documented 100,000 working-age adults, of whom 50,000 are employed and 40,000 do not
participate in the work force.
i. What is Keynesland’s unemployment rate?
Unemployment rate =
ii. Suppose the January 2012 census discovers the following flows between January 2011 and January
2012. Using this information, what is the January 2012 unemployment rate?
Unemployment rate =

Tags goods contains basket aume belt 0 1 basket nbsp price january cost rate thei 2 rateunemployment unemployment census bible 3 tuition coffee shoes 4 employed 5 notparticipate work 6 itdocumented 7 workingage adults forcei

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