经济学原理对应练习

1、精选优质文档-倾情为你奉上Chapter 24Measuring the Cost of LivingMultiple Choice1.Babe Ruth, the famous baseball player, earned $80,000 in 1931. Today, the best baseball players can earn more than 300 times as much as Babe Ruth earned in 1931. However, prices also have risen since 1931. We can conclude thata.the

2、best baseball players today are about 300 times better off than Babe Ruth was in 1931.b.because prices have risen also, the standard of living of baseball stars hasn't changed since 1931.c.one cannot make judgments about changes in the standard of living based on changes in prices and changes in

3、 incomes.d.one cannot determine whether baseball stars today enjoy a higher standard of living than Babe Ruth did in 1931 without additional information regarding increases in prices since 1931.ANS: DPTS: 1DIF: 2REF: 24-0TOP: Prices | Standard of livingMSC: Interpretive2.When the consumer price inde

4、x rises, the typical familya.has to spend more dollars to maintain the same standard of living.b.can spend fewer dollars to maintain the same standard of living.c.finds that its standard of living is not affected.d.can offset the effects of rising prices by saving more.ANS: APTS: 1DIF: 1REF: 24-0TOP

5、: Consumer price index | Standard of livingMSC: Interpretive3.The consumer price index is used toa.track changes in the level of wholesale prices in the economy.b.monitor changes in the cost of living.c.monitor changes in the level of real GDP.d.track changes in the stock market.ANS: BPTS: 1DIF: 1RE

6、F: 24-0TOP: Consumer price indexMSC: Interpretive4.The consumer price index is used toa.differentiate gross national product from net national product.b.turn dollar figures into meaningful measures of purchasing power.c.characterize the types of goods and services that consumers purchase.d.measure t

7、he quantity of goods and services that the economy produces.ANS: BPTS: 1DIF: 1REF: 24-0TOP: Consumer price indexMSC: Interpretive5.The term inflation is used to describe a situation in whicha.the overall level of prices in the economy is increasing.b.incomes in the economy are increasing.c.stock-mar

8、ket prices are rising.d.the economy is growing rapidly.ANS: APTS: 1DIF: 1REF: 24-0TOP: InflationMSC: Definitional6.Economists use the term inflation to describe a situation in whicha.some prices are rising faster than others.b.the economy's overall price level is rising.c.the economy's overa

9、ll price level is high, but not necessarily rising.d.the economy's overall output of goods and services is rising faster than the economy's overall price level.ANS: BPTS: 1DIF: 1REF: 24-0TOP: InflationMSC: Definitional7.When the overall level of prices in the economy is increasing, we say th

10、at the economy is experiencinga.economic growth.b.stagflation.c.inflation.d.deflation.ANS: CPTS: 1DIF: 1REF: 24-0TOP: InflationMSC: Definitional8.The inflation rate is defined as thea.price level.b.change in the price level from one period to the next.c.percentage change in the price level from the

11、previous period.d.price level minus the price level from the previous period.ANS: CPTS: 1DIF: 1REF: 24-0TOP: Inflation rateMSC: Definitional9.The economy's inflation rate is thea.price level in the current period.b.change in the price level from the previous period.c.change in the gross domestic

12、 product from the previous period.d.percentage change in the price level from the previous period.ANS: DPTS: 1DIF: 1REF: 24-0TOP: Inflation rateMSC: Definitional10.The CPI is a measure of the overall cost ofa.inputs purchased by a typical producer.b.goods and services bought by a typical consumer.c.

13、goods and services produced in the economy.d.stocks on the New York Stock Exchange.ANS: BPTS: 1DIF: 1REF: 24-1TOP: Consumer price indexMSC: Definitional11.Which of the following agencies calculates the CPI?a.the National Price Boardb.the Department Of Weight and Measurementsc.the Bureau of Labor Sta

14、tisticsd.the Congressional Budget OfficeANS: CPTS: 1DIF: 1REF: 24-1TOP: Consumer price index | Bureau of Labor StatisticsMSC: Definitional12.Which entity within the U.S. government is responsible for computing and reporting the consumer price index?a.the Department of Commerceb.the Department of Lab

15、orc.the General Accounting Officed.the Council of Economic AdvisersANS: BPTS: 1DIF: 1REF: 24-1TOP: Consumer price indexMSC: Definitional13.The CPI is calculateda.weekly.b.monthly.c.quarterly.d.yearly.ANS: BPTS: 1DIF: 1REF: 24-1TOP: Consumer price indexMSC: Definitional14.The CPI is calculateda.month

16、ly by the Department of Commerce.b.monthly by the Bureau of Labor Statistics.c.quarterly by the Department of Commerce.d.quarterly by the Bureau of Labor Statistics.ANS: BPTS: 1DIF: 2REF: 24-1TOP: Consumer price index | Bureau of Labor StatisticsMSC: Definitional15.What basket of goods is used to co

17、nstruct the CPI?a.a random sample of all goods and services produced in the economyb.the goods and services that are typically bought by consumers as determined by government surveysc.only food, clothing, transportation, entertainment, and educationd.the least expensive and the most expensive goods

18、and services in each major category of consumer expendituresANS: BPTS: 1DIF: 1REF: 24-1TOP: Consumer price indexMSC: Definitional16.In the calculation of the CPI, coffee is given greater weight than tea ifa.consumers buy more coffee than tea.b.the price of coffee is higher than the price of tea.c.it

19、 costs more to produce coffee than it costs to produce tea.d.coffee is more readily available than is tea to the typical consumer.ANS: APTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: Definitional17.In the CPI, goods and services are weighted according toa.how long a market has existed for each g

20、ood or service.b.the extent to which each good or service is regarded by the government as a necessity.c.how much consumers buy of each good or service.d.the number of firms that produce and sell each good or service.ANS: CPTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: Definitional18.The steps i

21、nvolved in calculating the consumer price index, in order, are as follows:a.Choose a base year, fix the basket, compute the inflation rate, compute the basket's cost, and compute the index.b.Choose a base year, find the prices, fix the basket, compute the basket's cost, and compute the index

22、.c.Fix the basket, find the prices, compute the basket's cost, choose a base year and compute the index.d.Fix the basket, find the prices, compute the inflation rate, choose a base year and compute the index.ANS: CPTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: InterpretiveTable 24-1YearPeach

23、esPecans2005$11 per bushel$6 per bushel2006$9 per bushel$10 per bushel19.Refer to Table 24-1. Suppose the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans. Using 2005 as the base year, the CPI for 2006 isa.100.b.120.c.200.d.240.ANS: BPTS: 1DIF: 2REF: 24-1TOP: Consum

24、er price indexMSC: Applicative20.Refer to Table 24-1. Suppose the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans. Using 2005 as the base year, what was the inflation rate in 2006?a.20 percentb.16.7 percentc.10 percentd.8 percentANS: APTS: 1DIF: 2REF: 24-1TOP: Infl

25、ation rateMSC: ApplicativeTable 24-2YearPrice of porkPrice of corn2005$20 $122006$25 $1821.Refer to Table 24-2. Suppose the basket of goods in the CPI consisted of 3 units of pork and 4 units of corn. What is the consumer price index for 2006 if the base year is 2005?a.73.47b.109.22c.136.11d.150.00A

26、NS: CPTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: Applicative22.Refer to Table 24-2. Suppose the basket of goods in the CPI consisted of 3 units of pork and 4 units of corn. What is the inflation rate for 2006 if the base year is 2005?a.21.33 percentb.25.00 percentc.28.89 percentd.36.11 percen

27、tANS: DPTS: 1DIF: 2REF: 24-1TOP: Inflation rateMSC: Applicative23.The market basket used to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts and 2 pants. In 2005, bread cost $1.00 per loaf, milk cost $1.50 per gallon, shirts cost $6.00 each and pants cost $10.00 per p

28、air. In 2006, bread cost $1.50 per loaf, milk cost $2.00 per gallon, shirts cost $7.00 each and pants cost $12.00 per pair. Using 2005 as the base year, what was Aquilonias inflation rate in 2006?a.30 percentb.24.4 percentc.21.6 percentd.It is impossible to determine without knowing the base year.AN

29、S: BPTS: 1DIF: 3REF: 24-1TOP: Inflation rateMSC: ApplicativeIn the country of Shem, the CPI is calculated using a market basket consisting of 5 apples, 4 loaves of bread, 3 robes and 2 gallons of gasoline. The per-unit prices of these goods have been as follows:Table 24-3YearApplesBreadRobesGasoline

30、2002$1.00$2.00$10.00$1.002003$1.00$1.50$9.00$1.502004$2.00$2.00$11.00$2.002005$3.00$3.00$15.00$2.5024.Refer to Table 24-3. Using 2002 as the base year, what was the inflation rate between 2002 and 2003?a.-8.89 percentb.-7.14 percentc.3.75 percentd.11.25 percentANS: APTS: 1DIF: 3REF: 24-1TOP: Inflati

31、on rateMSC: Applicative25.Refer to Table 24-3. Using 2002 as the base year, what was the inflation rate between 2003 and 2004?a.28.5 percentb.34.2 percentc.47 percentd.It is impossible to determine without knowing the base year.ANS: BPTS: 1DIF: 3REF: 24-1TOP: Inflation rateMSC: Applicative26.Refer t

32、o Table 24-3. Using 2002 as the base year, what was the inflation rate between 2004 and 2005?a.40.00 percentb.40.25 percentc.46.46 percentd.48.56 percentANS: APTS: 1DIF: 3REF: 24-1TOP: Inflation rateMSC: ApplicativeTable 24-4The table below pertains to an economy with only two goods - books and calc

33、ulators. The fixed basket consists of 5 books and 10 calculators.YearPrice of booksPrice of calculators2006$24$82007  30122008  321527.Refer to Table 24-4. Using 2006 as the base year, the consumer price index isa.100 in 2006, 135 in 2007, and 155 in 2008.b.100 in 2006, 270 in 20

34、07, and 310 in 2008.c.200 in 2006, 270 in 2007, and 310 in 2008.d.200 in 2006, 540 in 2007, and 620 in 2008.ANS: APTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: Applicative28.Refer to Table 24-4. Using 2007 as the base year, the consumer price index isa.78.22 in 2006, 100 in 2007, and 121.10 in

35、2008.b.74.07 in 2006, 100 in 2007, and 114.81 in 2008.c.100 in 2006, 135 in 2007, and 155 in 2008.d.200 in 2006, 270 in 2007, and 310 in 2008.ANS: BPTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: Applicative29.Refer to Table 24-4. Using 2008 as the base year, the consumer price index isa.52.66 in

36、 2006, 84.25 in 2007, and 106.5 in 2008.b.64.52 in 2006, 87.10 in 2007, and 100 in 2008.c.52.66 in 2006, 90.89 in 2007, and 100 in 2008.d.100 in 2006, 135 in 2007, and 155 in 2008.ANS: BPTS: 1DIF: 3REF: 24-1TOP: Consumer price indexMSC: Applicative30.Refer to Table 24-4. Using 2006 as the base year,

37、 the inflation rate isa.13.3 percent for 2007 and 14.8 percent for 2008.b.35 percent for 2007 and 14.8 percent for 2008.c.35 percent for 2007 and 55 percent for 2008.d.135 percent for 2007 and 155 percent for 2008.ANS: BPTS: 1DIF: 2REF: 24-1TOP: Consumer price index | Inflation rateMSC: Applicative3

38、1.For any given year, the CPI is the price of the basket of goods and services in thea.given year divided by the price of the basket in the base year, then multiplied by 100.b.given year divided by the price of the basket in the previous year, then multiplied by 100.c.base year divided by the price

39、of the basket in the given year, then multiplied by 100.d.previous year divided by the price of the basket in the given year, then multiplied by 100.ANS: APTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: Definitional32.In computing the consumer price index, a base year is chosen. Which of the foll

40、owing statements about the base year is correct?a.The base year is always the first year among the years for which computations are being made.b.It is necessary to designate a base year only in the simplest case of two goods; in more realistic cases, it is not necessary to designate a base year.c.Th

41、e value of the consumer price index is always 100 in the base year.d.All of the above are correct.ANS: CPTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: Interpretive33.Consider a small economy in which consumers buy only two goods - apples and pears. In order to compute the consumer price index fo

42、r this economy for two or more consecutive years, we assume thata.the number of apples bought by the typical consumer is equal to the number of pears bought by the typical consumer in each year.b.neither the number of apples bought by the typical consumer, nor the number of pears bought by the typic

43、al consumer, changes from year to year.c.the percentage change in the price of applies is equal to the percentage change in the price of pears from year to year.d.All of the above are correct.ANS: BPTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: Interpretive34.In calculating the consumer price in

44、dex, a fixed basket of goods is used. The quantities of the goods in the fixed basket are determined bya.surveying consumers.b.surveying sellers of those goods.c.working backward from the rate of inflation to arrive at imputed values for those quantities.d.arbitrary choices made by federal governmen

45、t employees.ANS: APTS: 1DIF: 1REF: 24-1TOP: Consumer price indexMSC: Definitional35.In an imaginary economy, consumers buy only shirts and pants. The fixed basket consists of 6 shirts and 4 pairs of pants. A shirt cost $20 in 2006 and $25 in 2007. A pair of pants cost $30 in 2006 and $40 in 2007. Us

46、ing 2006 as the base year, which of the following statements is correct?a.For the typical consumer, the number of dollars spent on shirts is equal to the number of dollars spent on pants in each of the two years.b.The consumer price index is 134 in 2007.c.The rate of inflation is 29.17% in 2007.d.Al

47、l of the above are correct.ANS: CPTS: 1DIF: 2REF: 24-1TOP: Consumer price index | Inflation rateMSC: Applicative36.In an imaginary economy, consumers buy only sandwiches and magazines. The fixed basket consists of 20 sandwiches and 30 magazines. In 2006, a sandwich cost $4 and a magazine cost $2. In

48、 2007, a sandwich cost $5. The base year is 2006. If the consumer price index in 2007 was 125, then how much did a magazine cost in 2007?a.$2.50b.$2.80c.$3.20d.$3.45ANS: APTS: 1DIF: 2REF: 24-1TOP: Consumer price indexMSC: Applicative37.In an imaginary economy, consumers buy only sandwiches and magaz

49、ines. The fixed basket consists of 20 sandwiches and 30 magazines. In 2006, a sandwich cost $4 and a magazine cost $2. In 2007, a sandwich cost $5. The base year is 2006. If the inflation rate in 2007 was 16 percent, then how much did a magazine cost in 2007?a.$2.08b.$2.32c.$2.50d.$2.64ANS: APTS: 1D

50、IF: 3REF: 24-1TOP: Consumer price index | Inflation rateMSC: Applicative38.In an imaginary economy, consumers buy only hot dogs and hamburgers. The fixed basket consists of 10 hot dogs and 6 hamburgers. A hot dog cost $3 in 2006 and $5.40 in 2007. A hamburger cost $5 in 2006 and $6 in 2007. Which of

51、 the following statements is correct?a.When 2006 is chosen as the base year, the consumer price index is 90 in 2007.b.When 2006 is chosen as the base year, the inflation rate is 150 percent in 2007.c.When 2007 is chosen as the base year, the consumer price index is 100 in 2006.d.When 2007 is chosen

52、as the base year, the inflation rate is 50 percent in 2007.ANS: DPTS: 1DIF: 3REF: 24-1TOP: Consumer price index | Inflation rateMSC: Applicative39.Let 2004 be the base year; thena.Inflation rate in 2005 = b.Inflation rate in 2005 = c.Inflation rate in 2005 = d.Inflation rate in 2005 = ANS: APTS: 1DI

53、F: 1REF: 24-1TOP: Inflation rateMSC: Definitional40.Let 2002 be the base year; thena.Inflation rate in 2005 = b.Inflation rate in 2005 = c.Inflation rate in 2005 = d.Inflation rate in 2005 = ANS: DPTS: 1DIF: 2REF: 24-1TOP: Inflation rateMSC: Definitional41.The inflation rate is calculateda.using the

54、 national income accounts.b.by adding up the price increases of all goods and services.c.by computing a simple average of the price increases for all goods and services.d.by determining the percentage increase in the price index from the preceding period.ANS: DPTS: 1DIF: 1REF: 24-1TOP: Inflation rat

55、eMSC: Definitional42.If this year the CPI is 125 and last year it was 120, thena.the cost of the CPI basket of goods and services has increased this year by 4.17 percent.b.the price level as measured by the CPI has increased by 4.17 percent.c.the inflation rate for this year is 4.17 percent.d.All of

56、 the above are correct.ANS: DPTS: 1DIF: 2REF: 24-1TOP: Inflation rateMSC: Interpretive43.If this year the CPI is 110 and last year it was 100, thena.the cost of the CPI basket of goods and services has increased this year by 110 percent.b.the price level as measured by the CPI has increased by 10 percent.c.the inflation rate for this year has increased by 10 percent over last years inflation