Study Game - Topic 2.4

Test

(4)

Price Indices and Inflation

Téléchargez la version pour jouer sur papier

Dupliquer

Créer un défi

Imprimer le PDF

À propos de Test

HS4

Economics

inflation

Âge recommandé: 17 ans

218 fois fait

Créé par

Zachary Foust

United States

Top 10 résultats

1

Asiyah Ghaly

14 Septembre 2023

00:33

temps

100

but
2

Laura Badoscastillo

11 Septembre 2023

00:51

temps

100

but
3

Zachary Foust

18 Septembre 2023

02:16

temps

100

but
4

miranda

1 Février 2024

02:25

temps

100

but
5

Lauren Kruse

27 Août 2024

06:00

temps

100

but
6

Sharaf Zaman

9 Février 2024

05:18

temps

90

but
7

Alana Mosely

8 Février 2024

17:31

temps

90

but
8

Samantha Gates

26 Août 2024

05:27

temps

70

but
9

Daniel Garza

14 Septembre 2023

18:28

temps

50

but
10

Eduardo Gonzalez

18 Septembre 2023

01:47

temps

30

but

Voulez-vous apparaître dans le Top 10 de ce jeu?

Connectez-vous

pour vous identifier.

Créez votre propre jeu gratuite à partir de notre créateur de jeu

Créez test

Affrontez vos amis pour voir qui obtient le meilleur score dans ce jeu

Créer un défi


Study Game - Topic 2.4Version en ligne Price Indices and Inflation par Zachary Foust 1 The table shows the cost of the same representative basket of goods in the base year 2012 and in 2013, and the average weekly nominal wage rate in 2012 and 2013. If 2012 is the base year, which of the following is true? a The inflation rate from 2012 to 2013 is 10%. b The CPI in year 2013 is 110. c The CPI in year 2013 is 120. d Based on the CPI, the average real weekly wage rate increased by 10% from 2012 to 2013. 2 Which of the following explains why the rate of change of the consumer price index (CPI) tends to overstate the actual inflation rate? a Consumers will require more income to buy goods whose prices have increased. b Nominal wages do not always increase by as much as prices do. c When real wages increase, consumers can afford higher-priced goods. d Consumers tend to substitute lower-priced goods that may not be represented in the basket of goods. 3 In 2017 Sabrina earned an annual salary of $100,000 as an engineer. In 2018, her income rose to $105,000. The inflation rate in 2018 was 2%. How did Sabrina’s nominal income and real income change in 2018 compared to 2017? a Nominal income decreased and real income decreased. b Nominal income decreased and real income did not change. c Nominal income increased and real income decreased. d Nominal income increased and real income increased. 4 Which of the following is true regarding prices in an economy? a An increase in the price level is called inflation. b An increase in the price level is called deflation. c Disinflation means that the inflation rate is negative. d Deflation and disinflation mean the same thing. 5 If your nominal wage doubles at the same time as prices double, your real wage will a Increase b Decrease c Not change d Double 6 Assume that the price level in 2000 was 250 and the price level in the next year was 275. What is the inflation rate between these two years? a 5% b 10% c 25% d 50% 7 What is the value of the consumer price index (CPI) in the base year? a 0 b 1 c 100 d 200 8 Which of the following is a reason that the consumer price index (CPI) overstates the true rate of inflation? a The CPI ignores changes in the quality of products. b The CPI assumes that consumers will switch to cheaper products when prices rise. c The market basket is frequently updated with new products. d The government frequently lies about the inflation rate. 9 Analyze the table. What is the price of the market basket in 2023? a $8 b $10 c $20 d $24 10 Analyze the table. What is the value of the consumer price index (CPI) in 2023? a 1 b 3 c 300 d 100 11 What is the inflation rate? a The percentage change in prices b The overall level of prices c The cause of most recessions d The rate of growth in GDP 12 What is the price level? a The total number of unemployed workers b An index that measures the prices of stocks c The price of a single good or service d The overall level of prices

Study Game - Topic 2.4Version en ligne

Price Indices and Inflation

par Zachary Foust

The table shows the cost of the same representative basket of goods in the base year 2012 and in 2013, and the average weekly nominal wage rate in 2012 and 2013. If 2012 is the base year, which of the following is true?

The inflation rate from 2012 to 2013 is 10%.

The CPI in year 2013 is 110.

The CPI in year 2013 is 120.

Based on the CPI, the average real weekly wage rate increased by 10% from 2012 to 2013.

Which of the following explains why the rate of change of the consumer price index (CPI) tends to overstate the actual inflation rate?

Consumers will require more income to buy goods whose prices have increased.

Nominal wages do not always increase by as much as prices do.

When real wages increase, consumers can afford higher-priced goods.

Consumers tend to substitute lower-priced goods that may not be represented in the basket of goods.

In 2017 Sabrina earned an annual salary of $100,000 as an engineer. In 2018, her income rose to $105,000. The inflation rate in 2018 was 2%. How did Sabrina’s nominal income and real income change in 2018 compared to 2017?

Nominal income decreased and real income decreased.

Nominal income decreased and real income did not change.

Nominal income increased and real income decreased.

Nominal income increased and real income increased.

Which of the following is true regarding prices in an economy?

An increase in the price level is called inflation.

An increase in the price level is called deflation.

Disinflation means that the inflation rate is negative.

Deflation and disinflation mean the same thing.

If your nominal wage doubles at the same time as prices double, your real wage will

Increase

Decrease

Not change

Double

Assume that the price level in 2000 was 250 and the price level in the next year was 275. What is the inflation rate between these two years?

10%

25%

50%

What is the value of the consumer price index (CPI) in the base year?

100

200

Which of the following is a reason that the consumer price index (CPI) overstates the true rate of inflation?

The CPI ignores changes in the quality of products.

The CPI assumes that consumers will switch to cheaper products when prices rise.

The market basket is frequently updated with new products.

The government frequently lies about the inflation rate.

Analyze the table. What is the price of the market basket in 2023?

$10

$20

$24

Analyze the table. What is the value of the consumer price index (CPI) in 2023?

300

100

What is the inflation rate?

The percentage change in prices

The overall level of prices

The cause of most recessions

The rate of growth in GDP

What is the price level?

The total number of unemployed workers

An index that measures the prices of stocks

The price of a single good or service