List one problem of estimating consumer price index

  1. List one problem of estimating consumer price index
  2. What would you expect in an average family when the consumer price index increases?
  3. From 2019 to 2020, the CPI for medical care increased from 173 to 185.8. What was the inflation rate for medical care?
  4. Explain the statement “Between 2019 and 2020, Kuwait inflation rate was 2.8%.”
  5. What is the logic or rational behind the Bureau of Labor Statistics decision to estimate the CPI every month?
  6. If the CPI was 140 in 1942 and is 290 today, then how much value of good one can purchase today if the consumer spent $10 in 1942 to purchase certain amount of goods and services?

Table 1

The table below pertains to Zantana, an economy in which the typical consumer’s basket consists of 36 Pizza’s and 40 Cases’ of Soda.

Year Price of

Pizza

Price of

Soda

2015 $14 $6 per case
2016 $12 $10 per case
2017 $15 $5 per case
  1. Refer to Table 1. If 2015 is the base year, what is the cost of the basket in 2015?
  2. Refer to Table 1. If 2015 is the base year, then what is the cost of the basket in 2017?

9.Refer to Table 1. If 2015 is the base year, what is the CPI in 2017?

 

In: Economics

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