Sec 24.2 MC Correcting Economic Variables for the Effects of Inflation

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1、1. Theprimarypurposeofmeasuringtheoveralllevelofpricesintheeconomyisto a. allowforthemeasurementofGDP. b. allowconsumerstoknowwhatkindsofpricestoexpectinthefuture. c. allowforthecomparisonofdollarfiguresfromdifferentpointsintime. d. allowforthecomparisonofdollarfiguresfr

2、omthesamepointintime.ANSWER:  cPOINTS:  1DIFFICULTY:  EasyREFERENCES:  CorrectingEconomicVariablesfortheEffectsofInflationLEARNING OBJECTIVES:  ECON.MANK.103-Examinevariouscostoflivingmeasures.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  EconomicthinkingKEY

3、WORDS:  BLOOM'S:KnowledgeCUSTOM ID:  001.24.2-MC-MANK082. BabeRuth's1931salarywas$80,000.Governmentstatisticsshowaconsumerpriceindexof15.2for1931and237for2015.Ruth's1931salarywasequivalenttoa2015salaryofabout a. $5,296. b. $1,128,421 c. $1,247,368 d. $17,152,000ANSWER:  

4、cPOINTS:  1DIFFICULTY:  ModerateREFERENCES:  CorrectingEconomicVariablesfortheEffectsofInflationLEARNING OBJECTIVES:  ECON.MANK.248-GivenCPIdata,compareincomesacrossvariousyears.NATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticTOPICS:  ConsumerpriceindexPricelevelsKEYWO

5、RDS:  BLOOM'S:ApplicationCUSTOM ID:  002.24.2-MC-MANK083. WhenweexpressBabeRuth’s1931salaryintoday’sdollarsandcomparehissalarytothoseofcurrentNewYorkYankeeplayers,wefindthatthecurrentmediansalaryoftoday’sYankeesis a. aboutthreequartersofRuth’ssalary. b. aboutthesameasRut

6、h’ssalary. c. abouttwiceRuth’ssalary. d. morethanfourtimesRuth’ssalary.ANSWER:  dPOINTS:  1DIFFICULTY:  EasyREFERENCES:  CorrectingEconomicVariablesfortheEffectsofInflationLEARNING OBJECTIVES:  ECON.MANK.248-GivenCPIdata,compareincomesacrossvariousyears.NATIONAL STANDARD

7、S:  UnitedStates-BUSPROG:AnalyticTOPICS:  PricelevelsPurchasingpowerCopyrightCengageLearning.PoweredbyCognero.Page 54KEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  003.24.2-MC-MANK084. In1931,PresidentHerbertHooverwaspaidasalaryof$75,000.Governmentstatisticsshowaconsumerpricein

8、dexof15.2for1931and237for2015.PresidentHoover’s1931salarywasequivalenttoa2015salaryofabout a. $4,965. b