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10 Economics MCQs

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Question;ScenarioUsethefollowinginformationtoanswerquestions24.TheNationalFilmAssociationdevelopedtheMoviePriceIndex(MPI)in1998basedupontheannualpurchasesofatypicalmoviegoer.InformationonthemarketbasketfortheMPIandthepricesforeachofthegoodsin1998,whichisthebaseyear,andin2001and2002isshowninthetablebelow.2.) Calculate the cost of the market basket in 2001. You may need to use this answer for other parts of thisproblem. Either write your answer on a piece of scrap paper or use the navigation links at the bottom of thepage to return to this page and see your answer.a.) $153b.) $134c.) $177d.) $1803.) Calculate the Movie Price Index for 2001 using 1998 as the base year for the index. You may need to usethis answer for other parts of this problem. Either write your answer on a piece of scrap paper or use thenavigation links at the bottom of the page to return to this page and see your answer.a.) 123b.) 100 c.) 141d.) 89e.) 1014.) Using the price indexes, calculate the inflation rate facing moviegoers between 2001 and 2002. You mayneed to use answers from previous parts of this problem. If you did not write your answers on a piece of scrappaper, use the navigation links at the bottom of the page to return to previous pages and see your answers.a.) 6.1% b.) 5.7% c.) 7.0% d.) 30.0%5.) In which year did buyers of six-month Treasury bills receive the highest real return on their investment?(If you want to use your graph to help answer this question, use the navigation links at the bottom of the pageto return to the previous problem.)a.) 1974b.) 1975c.) 1976d.) 1977e.) 19788.) Calculate the cost of the market basket in 2001. (Enter your response as follows: If your answer is $1,000then enter 1000)Answer: _______________9.) Calculate the price index for 2002. The cost of the market basket is $1,370 in the base year of 2000. (Roundyour answer to the nearest integer. For example: If your answer is 1.359 then enter 136)Answer: ___________________10.) Jack Barnes entered college in the year 2000. In 2002, Jack found that each of his teachers requiredstudents to have two notebooks. This means that Jack had to buy 20 notebooks for the year. Which of thefollowing statements is true?a.) The CSPI underestimated the cost of living for Jack in 2002.b.) The CSPI overestimated the cost of living for Jack in 2002.c.) The CSPI accurately estimated the cost of living for Jack in 2002.

 

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