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1、Chapter5Student:___________________________________________________________________________1.Themeasureofthecostofastandardbasketofgoodsandservicesinanyperiodrelativetothecostofthesamebasketofgoodsandservicesinthebaseyeariscalledthe: A. consumptioncostcalculator.B. consumptionp
2、roductionindex.C. consumerproductionindex.D. consumerpriceindex. 2.Theconsumerpriceindexforthecurrentyearmeasuresthecostofastandardbasketinthe______yearrelativetothecostofthesamebasketinthe______year. A. current;baseB. current;currentC. base;indexD. base;current 3.TheCPIisameas
3、ureofthe: A. realwage.B. priceofaspecificgoodorservice.C. rateofinflation.D. averagelevelofpricesrelativetopricesinthebaseyear. 4.Supposethatthetotalexpendituresforatypicalhouseholdin2010equaled$2,500permonth,whilethecostofpurchasingexactlythesameitemsin2015was$3,000.If2010isth
4、ebaseyear,theCPIfor2010equals: A. 0.83B. 1.00C. 1.20D. 1.25 5.Supposethatthetotalexpendituresforatypicalhouseholdin2010equaled$5,500permonth,whilethecostofpurchasingexactlythesameitemsin2015was$6,875.If2010isthebaseyear,theCPIfortheyear2015equals: A. 0.80B. 1.00C. 1.20D. 1.25
5、6.Ifthetotalexpendituresofatypicalfamilyequaled$35,000peryearin2010andtheexactsamebasketofgoodsandservicescost$40,000intheyear2015,thefamily'scostofliving: A. increasedby14percent.B. decreasedby12.5percent.C. decreasedby14percent.D. increasedby12.5percent. 7.Theconsumerpriceind
6、exforPlanetEconconsistsofonlytwoitems:booksandhamburgers.In2010,thebaseyear,thetypicalconsumerpurchased10booksfor$25eachand25hamburgersfor$2each.In2015,thetypicalconsumerpurchased15booksfor$30eachand30hamburgersfor$3each.Theconsumerpriceindexfor2015onPlanetEconequals: A. 1.00B.
7、 1.15C. 1.25D. 1.45 8.ThetypicalfamilyonthePlanetEconconsumes10pizzas,7pairsofjeans,and20gallonsofmilk.In2008,pizzascost$10each,jeanscost$40perpair,andmilkcost$3pergallon.In2009,thepriceofpizzaswentdownto$8each,whilethepricesofjeansandmilkremainedthesame.Between2008and2009,atypi
8、calfamily'scostofliving: A. increasedby4.5perc
