Test Bank for Principles of Macroeconomics 6th Edition Frank Bernanke Antonovics Heffetz 0073518999 9780073518992 Download full test bank at: https://testbankpack.com/p/test-bank-for-principles-of-macroeconomics6th-edition-frank-bernanke-antonovics-heffetz-00735189999780073518992/ Download full solution manual at: https://testbankpack.com/p/solution-manual-for-principles-ofmacroeconomics-6th-edition-frank-bernanke-antonovics-heffetz0073518999-9780073518992/
Chapter 05 TestBank - new Student: ___________________________________________________________________________
1.
The measure of the cost of a standard basket of goods and services in any period relative to the cost of the same basket of goods and services in the base year is called the: A. consumption cost calculator. B. consumption production index. C. consumer production index. D. consumer price index.
2.
The consumer price index for the current year measures the cost of a standard basket in the ______ year relative to the cost of the same basket in the ______ year. A. current; base B. current; current C. base; index D. base; current
3.
The CPI is a measure of the: A. real wage. B. price of a specific good or service. C. rate of inflation. D. average level of prices relative to prices in the base year.
4.
Suppose that the total expenditures for a typical household in 2010equaled $2,500 per month, while the cost of purchasing exactly the same items in 2015 was $3,000. If 2010 is the base year, the CPI for 2010 equals: A. 0.83 B. 1.00 C. 1.20 D. 1.25
5.
Suppose that the total expenditures for a typical household in 2010 equaled $5,500 per month, while the cost of purchasing exactly the same items in 2015 was $6,875. If 2010 is the base year, the CPI for the year 2015 equals: