quiz 24 (with answer) (1)

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1、Chapter24MeasuringtheCostofLivingAneconomyproducesonlytwogoods,orangesandVCRs.Thequantitiesandpricesfortheyears2005and2006areshowninthetable.Thebaseyearis2005.20052006pricequantitypricequantityoranges$25,000$34,000VCRs$4001,000$3002,0001.TheGDPdeflatorin2006i

2、sabout(a)a.76.b.67.c.51.d.132.2.ThegrowthrateofnominalGDPin2006wasabout(b)a.10%.b.49%.c.78%.d.100%.3.ThegrowthrateofrealGDPin2006wasabout(c)a.24%.b.50%.c.97%.d.125%.4.Therateofinflationin2006wasabout(b)a.–48%.b.–24%.c.33%.d.67%.5.Whichpriceindexmeasurestheave

3、ragepriceofthingspurchasedbythetypicalfamilyinanurbanarea?(c)a.GDPdeflator.b.ProducerPriceIndex.c.ConsumerPriceIndex.d.MinimumWage.6.Whichitemwouldreceivethemostweightintheconsumerpriceindex?(d)a.Salt.b.Toothpicks.c.Pencils.d.Food.7.Thegoodthatreceivesthemost

4、weightintheCPIisthegoodthat(d)a.consumersbuymostfrequently.b.hasexperiencedthegreatestpriceincrease.c.hasthehighestprice.d.consumersspendthelargestfractionoftheirincomeon.Chapter24(4–4)8.WhichofthefollowingisareasonwhytheConsumerPriceIndex(CPI)isnotcalculated

5、asasimpleaverageofallprices?(b)a.SomegoodsexperiencelargepricechangesandtheCPIwouldbetoovariableifcomputedbyasimpleaverage.b.Goodsdifferintheirimportanceintheaverageconsumer’sbudget.c.SomegoodsneverexperiencepricechangesandtheCPIwouldnotbevariableenoughifcomp

6、utedasasimpleaverage.d.Itwouldbedifficulttocomputeapriceindexusingasimpleaverageofallprices.9.Ifthepriceofthemarketbasketofgoodsinthebaseyearof1994was$20,000andthepriceofthesamebaskethadrisento$22,000by1998,theCPIfor1998(d)a.cannotbecalculated.c.is200.b.is$12

7、,000.d.is110.10.Supposeyouspend30percentofyourbudgetonfood,20percentonmedicalcare,40percentonrent,5percentonentertainment,and5percentonmiscellaneousitems.Ifthepriceofallpartsofyourbudgetriseequallyinpercentageterms,whichwouldhavethemostweightonyourcostoflivin

8、gincrease?(AssumeyoucalculateyourindexthesamewaytheCPIiscalculated.)(c)a.Food.c.Rent.b.Medicalcare.d.Entertainment.11.Substitutionbias(d)a.isonefactorthatcausestheCPItounderestimatetheinf