ai dc 10d thi thom ma

ai dc 10d thi thom ma

University

10 Qs

quiz-placeholder

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ai dc 10d thi thom ma

ai dc 10d thi thom ma

Assessment

Quiz

Education

University

Practice Problem

Hard

Created by

phuong tran

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Consumer Price Index (CPI) is a measure of the overall cost of the goods and services bought by:

A typical consumer in the economy.

The government for defense and public services.

All domestically produced goods and services.

A typical domestic firm's input costs.

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

If the CPI in 2020 was 150 and the CPI in 2021 was 165, what was the inflation rate between 2020 and 2021?

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a professor earned $30,000 in 1985 when the CPI was 107.6, what would the equivalent salary be today, assuming the current CPI is 260.0?

Exactly $30,000

Approximately $58,245

Approximately $65,000

Approximately $72,491

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following are major recognized problems (biases) with using the CPI as a true measure of the cost of living?

Substitution bias

Exclusion of services and the price of land.

Unmeasured quality change

The introduction of new goods.

Changes in the prices of capital goods.

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The CPI is based on a fixed "___________" of goods and services, which may not reflect changes in consumer preferences over time.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When quality improves and the price remains the same, the CPI tends to understate the cost of living.

True
False

Answer explanation

When quality improves and the price remains the same, the CPI tends to overstate the cost of living.

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The tendency of consumers to switch to cheaper alternatives when prices rise is called the "___________ bias" in CPI calculation.

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