ECO 205 Week 7 CheckPoint Calculation of the Consumer Price Index (appendix D)
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1.CheckPoint: Calculation of the Consumer Price Index (CPI) Due Date: Day 6 (Individual forum) The Consumer Price Index (CPI) is a measure of the overall cost of the goods and services bought by a typical consumer. Each month, the Bureau of Labor Statistics follows five steps to calculate
Consumer Price Index. Complete the following questions:
List the five steps that the BLS follows to calculate the CPI. Explain the three problems associated with the calculation of the CPI. The fifth step of calculating the CPI computes the inflation rate. The inflation rate is a very important measure of how well our economy is doing. Answer the following questions: o Suppose the inflation rate is 4% (per year) and your income increases by 6% (per year). Are you better or worse off? Explain. o Suppose the inflation rate is 8% (per year) and your income increases by 6% (per year). Are you better or worse off? Explain.
Format your paper according to APA standards.
Post your essay as a MicrosoftÂŠ Word attachment. Please note: You will not use Appendix D to complete your checkpoint.