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- When a nominal value is unchanged it must be true that prices have remained unchanged. Select one: True FalseA nominal value can increase when either prices or quantities or both increase. Select one: True FalseMark Lai, a student of agricultural science in the developing country Mikatra, notes that the demand for rice increased substantially over the last ten years. He attributes this to the substantial growth in population during this period. Although rice cultivation in Mikatra is still labor-intensive, Mark observes that the inflation-adjusted wages for farm workers in the rice industry have more or less remained constant during this period, even though the supply of rice increased. This was contrary to Mark's expectations as inflation in Mikatra during this period was not very high. Which of the following, if true, is most likely to explain this outcome? A.Rice and other cereals form a smaller proportion of the food budget of higher-income individuals. B.The government of another major rice-producing country, Langun, subsidizes its rice farmers to keep its prices competitive in the global market. C.The government of Mikatra has recently set a price floor in the wheat market. D.Following…
- The Consumer Price Index (CPI) is a measure of the average change in price over time from a designated reference period, at which it equals 100. The index is based on prices of basic consumer goods and services. The table provided lists the CPI for several years from 1960 to 2012. If the price change in cars parallels the change in the CPI, what would a car sell for (to the nearest dollar) in 2012 if a comparable model sold for $7,500 in 1999? Year CPI 1960 29.6 1973 1986 44.4 109.6 156.9 1999 2012 229.6 In 2012, a car would sell for approximately $ 58,176 (Round to the nearest dollar.)Changes in the consumer price index are useful in predicting changes in the producer price index. Select one: a. False b. TrueThe classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Kyoko spends all of her money on comic books and beignets. In 2012 she earned $27.00 per hour, the price of a comic book was $9.00, and the price of a beignet was $3.00. NOTE: Here are the drop down question choices In 2017, the relative price of a comic book is ______ (0.33 beignets OR 3 beignets OR $6.00 OR $18.00) Between 2012 and 2017, the nominal value of Kyoko's wage _______ (decreases OR increases OR remains the same) and the real value of her wage _______ (decreases OR increases OR remains the same) Monetary neutrality is the proposition that a change in the money supply ________ (does not affect OR affects) nominal variables and _______ (affects OR does not affect) real variables.
- define the term inflation and deflationA) Inflation is the steady and widespread increase in prices. The inflation rate, measured by CPI, rose .1% in May (since April) and rose a total of 4% year-over-year (May 2022 to May 2023). Read the BLS report on the Consumer Price Index and identify an “item” or “all items” and begin to consider why the price increased. Do a news search or using (clear, logical, rational) reasoningexplain whether prices are increasing because demand increased or because supply decreased. Graph and explain your answerIf one of the item in a simple aggregate price index is milk, the index will be unchanged if the price of milk is expressed in dollars per quart instead of dollars per gallon. In a Passche index, prices are weighted according to the quantities of the various items in the base period. The Consumer Price Index is a simple aggregate index.One application of the Consumer Price Index is to automatically increase wages or benefits through its inclusion in labor contracts. "Real income" refers to the amount money available after government taxes have been paid. The Producer Price Index measures changes in the physical volume or quantity of output of manufacturing, mining, and electric and gas utilities. TRUE OR FALSE
- In 2007, the first generation of the iPhone sold for $499. The average cost of an iPhone today is $999. At a press conference just outside a telephone museum in Cle Elum, WA, the CEO of Apple, Tim Cook, stated that the rise in cost is purely due to inflation. Use the Consumer Price Index to either verify or falsify Cooks’s statement. Is he correct or wrong? Work must be shown to support your answer or no credit. Use the CPI values from January of each year.If the real interest rate (rreal) you pay on a one-year loan ends up being 7%, and inflation was 6% over that year, what is the nominal interest rate on your loan? Hint: enter your answer without a % sign Example: if the answer is 4%, enter 4The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Eileen spends all of her money on paperback novels and mandarins. In 2015, she earned $27.00 per hour, the price of a paperback novel was $9.00, and the price of a mandarin was $3.00. Which of the following give the nominal value of a variable? Check all that apply. Eileen's wage is $27.00 per hour in 2015. The price of a mandarin is $3.00 in 2015. Eileen's wage is 3 paperback novels per hour in 2015. Which of the following give the real value of a variable? Check all that apply. Eileen's wage is 9 mandarins per hour in 2015. The price of a paperback novel is 3 mandarins in 2015. Eileen's wage is $27.00 per hour in 2015. Suppose that the Fed sharply increases the money supply between 2015 and 2020. In 2020, Eileen's wage has risen to $54.00 per hour. The price of a paperback novel…