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ECON102-Inflation

Fall 2022-Econ 102

QuestionAnswer
In which of the following conditions is the inflation rate likely to fall and the unemployment rate likely to rise? recession
The floods of 1993 caused the price of corn to increase. This is an example of the operations of supply and demand.
The decrease in the demand for mainframe computers caused manufacturers of mainframe computers to reduce prices by 20%. This is an example of the operations of supply and demand.
Inflation is an increase in the overall price level.
An increase in the overall price level is inflation.
Deflation is a decrease in the overall price level.
An increase in the overall price level that continues over a significant period of time is sustained inflation.
A price index is a measurement showing how the average price of a bundle of goods changes over time.
If period 1 is the base year, the bundle price of goods in period 1 is $300, and the bundle price of goods in period 2 is $320, the period 2 price index is 106.7.
If 2015 is the base year, the bundle price of goods in 2015 is $500, and the bundle price of goods in 2016 is $700, the 2016 price index is 140.0.
If the price index in period 2 is 109 and the price index in period 3 is 125, the rate of inflation between period 2 and period 3 is 14.7%.
If 2015 is the base year and the inflation rate between 2015 and 2016 is 6.4%, the price index in 2016 is 106.4.
If 2015 is the base year and the inflation rate between 2015 and 2016 is -4.5, the price index in 2016 is 95.5.
If the price index in 2015 is 115 and the price index in 2016 is 102, the rate of inflation between 2015 and 2016 is -11.3%.
The index used most often to measure inflation is the consumer price index.
If the CPI in 2015 was 114.7 and the CPI in 2016 was 124.5, then the rate of inflation between 2015 and 2016 was 8.5%.
Created by: rrojas2003
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