经济学原理对应练习24.docx

经济学原理对应练习24.docx

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经济学原理对应练习24

Chapter24

MultipleChoice

1.BabeRuth,thefamousbaseballplayer,earned$80,000in1931.Today,thebestbaseballplayerscanearnmorethan300timesasmuchasBabeRuthearnedin1931.However,pricesalsohaverisensince1931.Wecanconcludethat

a.thebestbaseballplayerstodayareabout300timesbetteroffthanBabeRuthwasin1931.

b.becausepriceshaverisenalso,thestandardoflivingofbaseballstarshasn'tchangedsince1931.

c.onecannotmakejudgmentsaboutchangesinthestandardoflivingbasedonchangesinpricesandchangesinincomes.

d.onecannotdeterminewhetherbaseballstarstodayenjoyahigherstandardoflivingthanBabeRuthdidin1931withoutadditionalinformationregardingincreasesinpricessince1931.

ANS:

DPTS:

1DIF:

2REF:

24-0

TOP:

Prices|StandardoflivingMSC:

Interpretive

2.Whentheconsumerpriceindexrises,thetypicalfamily

a.hastospendmoredollarstomaintainthesamestandardofliving.

b.canspendfewerdollarstomaintainthesamestandardofliving.

c.findsthatitsstandardoflivingisnotaffected.

d.canoffsettheeffectsofrisingpricesbysavingmore.

ANS:

APTS:

1DIF:

1REF:

24-0

TOP:

Consumerpriceindex|StandardoflivingMSC:

Interpretive

3.Theconsumerpriceindexisusedto

a.trackchangesinthelevelofwholesalepricesintheeconomy.

b.monitorchangesinthecostofliving.

c.monitorchangesinthelevelofrealGDP.

d.trackchangesinthestockmarket.

ANS:

BPTS:

1DIF:

1REF:

24-0

TOP:

ConsumerpriceindexMSC:

Interpretive

4.Theconsumerpriceindexisusedto

a.differentiategrossnationalproductfromnetnationalproduct.

b.turndollarfiguresintomeaningfulmeasuresofpurchasingpower.

c.characterizethetypesofgoodsandservicesthatconsumerspurchase.

d.measurethequantityofgoodsandservicesthattheeconomyproduces.

ANS:

BPTS:

1DIF:

1REF:

24-0

TOP:

ConsumerpriceindexMSC:

Interpretive

5.Theterminflationisusedtodescribeasituationinwhich

a.theoveralllevelofpricesintheeconomyisincreasing.

b.incomesintheeconomyareincreasing.

c.stock-marketpricesarerising.

d.theeconomyisgrowingrapidly.

ANS:

APTS:

1DIF:

1REF:

24-0

TOP:

InflationMSC:

Definitional

6.Economistsusetheterminflationtodescribeasituationinwhich

a.somepricesarerisingfasterthanothers.

b.theeconomy'soverallpricelevelisrising.

c.theeconomy'soverallpricelevelishigh,butnotnecessarilyrising.

d.theeconomy'soveralloutputofgoodsandservicesisrisingfasterthantheeconomy'soverallpricelevel.

ANS:

BPTS:

1DIF:

1REF:

24-0

TOP:

InflationMSC:

Definitional

7.Whentheoveralllevelofpricesintheeconomyisincreasing,wesaythattheeconomyisexperiencing

a.economicgrowth.

b.stagflation.

c.inflation.

d.deflation.

ANS:

CPTS:

1DIF:

1REF:

24-0

TOP:

InflationMSC:

Definitional

8.Theinflationrateisdefinedasthe

a.pricelevel.

b.changeinthepricelevelfromoneperiodtothenext.

c.percentagechangeinthepricelevelfromthepreviousperiod.

d.pricelevelminusthepricelevelfromthepreviousperiod.

ANS:

CPTS:

1DIF:

1REF:

24-0

TOP:

InflationrateMSC:

Definitional

9.Theeconomy'sinflationrateisthe

a.pricelevelinthecurrentperiod.

b.changeinthepricelevelfromthepreviousperiod.

c.changeinthegrossdomesticproductfromthepreviousperiod.

d.percentagechangeinthepricelevelfromthepreviousperiod.

ANS:

DPTS:

1DIF:

1REF:

24-0

TOP:

InflationrateMSC:

Definitional

10.TheCPIisameasureoftheoverallcostof

a.inputspurchasedbyatypicalproducer.

b.goodsandservicesboughtbyatypicalconsumer.

c.goodsandservicesproducedintheeconomy.

d.stocksontheNewYorkStockExchange.

ANS:

BPTS:

1DIF:

1REF:

24-1

TOP:

ConsumerpriceindexMSC:

Definitional

11.WhichofthefollowingagenciescalculatestheCPI?

a.theNationalPriceBoard

b.theDepartmentOfWeightandMeasurements

c.theBureauofLaborStatistics

d.theCongressionalBudgetOffice

ANS:

CPTS:

1DIF:

1REF:

24-1

TOP:

Consumerpriceindex|BureauofLaborStatisticsMSC:

Definitional

12.WhichentitywithintheU.S.governmentisresponsibleforcomputingandreportingtheconsumerpriceindex?

a.theDepartmentofCommerce

b.theDepartmentofLabor

c.theGeneralAccountingOffice

d.theCouncilofEconomicAdvisers

ANS:

BPTS:

1DIF:

1REF:

24-1

TOP:

ConsumerpriceindexMSC:

Definitional

13.TheCPIiscalculated

a.weekly.

b.monthly.

c.quarterly.

d.yearly.

ANS:

BPTS:

1DIF:

1REF:

24-1

TOP:

ConsumerpriceindexMSC:

Definitional

14.TheCPIiscalculated

a.monthlybytheDepartmentofCommerce.

b.monthlybytheBureauofLaborStatistics.

c.quarterlybytheDepartmentofCommerce.

d.quarterlybytheBureauofLaborStatistics.

ANS:

BPTS:

1DIF:

2REF:

24-1

TOP:

Consumerpriceindex|BureauofLaborStatisticsMSC:

Definitional

15.WhatbasketofgoodsisusedtoconstructtheCPI?

a.arandomsampleofallgoodsandservicesproducedintheeconomy

b.thegoodsandservicesthataretypicallyboughtbyconsumersasdeterminedbygovernmentsurveys

c.onlyfood,clothing,transportation,entertainment,andeducation

d.theleastexpensiveandthemostexpensivegoodsandservicesineachmajorcategoryofconsumerexpenditures

ANS:

BPTS:

1DIF:

1REF:

24-1

TOP:

ConsumerpriceindexMSC:

Definitional

16.InthecalculationoftheCPI,coffeeisgivengreaterweightthanteaif

a.consumersbuymorecoffeethantea.

b.thepriceofcoffeeishigherthanthepriceoftea.

c.itcostsmoretoproducecoffeethanitcoststoproducetea.

d.coffeeismorereadilyavailablethanisteatothetypicalconsumer.

ANS:

APTS:

1DIF:

2REF:

24-1

TOP:

ConsumerpriceindexMSC:

Definitional

17.IntheCPI,goodsandservicesareweightedaccordingto

a.howlongamarkethasexistedforeachgoodorservice.

b.theextenttowhicheachgoodorserviceisregardedbythegovernmentasanecessity.

c.howmuchconsumersbuyofeachgoodorservice.

d.thenumberoffirmsthatproduceandselleachgoodorservice.

ANS:

CPTS:

1DIF:

2REF:

24-1

TOP:

ConsumerpriceindexMSC:

Definitional

18.Thestepsinvolvedincalculatingtheconsumerpriceindex,inorder,areasfollows:

a.Chooseabaseyear,fixthebasket,computetheinflationrate,computethebasket'scost,andcomputetheindex.

b.Chooseabaseyear,findtheprices,fixthebasket,computethebasket'scost,andcomputetheindex.

c.Fixthebasket,findtheprices,computethebasket'scost,chooseabaseyearandcomputetheindex.

d.Fixthebasket,findtheprices,computetheinflationrate,chooseabaseyearandcomputetheindex.

ANS:

CPTS:

1DIF:

2REF:

24-1

TOP:

ConsumerpriceindexMSC:

Interpretive

Table24-1

Year

Peaches

Pecans

2005

$11perbushel

$6perbushel

2006

$9perbushel

$10perbushel

19.RefertoTable24-1.Supposethetypicalconsumerbasketconsistsof10bushelsofpeachesand15bushelsofpecans.Using2005asthebaseyear,theCPIfor2006is

a.100.

b.120.

c.200.

d.240.

ANS:

BPTS:

1DIF:

2REF:

24-1

TOP:

ConsumerpriceindexMSC:

Applicative

20.RefertoTable24-1.Supposethetypicalconsumerbasketconsistsof10bushelsofpeachesand15bushelsofpecans.Using2005asthebaseyear,whatwastheinflationratein2006?

a.20percent

b.16.7percent

c.10percent

d.8percent

ANS:

APTS:

1DIF:

2REF:

24-1

TOP:

InflationrateMSC:

Applicative

Table24-2

Year

Priceofpork

Priceofcorn

2005

$20

$12

2006

$25

$18

21.RefertoTable24-2.SupposethebasketofgoodsintheCPIconsistedof3unitsofporkand4unitsofcorn.Whatistheconsumerpriceindexfor2006ifthebaseyearis2005?

a.73.47

b.109.22

c.136.11

d.150.00

ANS:

CPTS:

1DIF:

2REF:

24-1

TOP:

ConsumerpriceindexMSC:

Applicative

22.RefertoTable24-2.SupposethebasketofgoodsintheCPIconsistedof3unitsofporkand4unitsofcorn.Whatistheinflationratefor2006ifthebaseyearis2005?

a.21.33percent

b.25.00percent

c.28.89percent

d.36.11percent

ANS:

DPTS:

1DIF:

2REF:

24-1

TOP:

InflationrateMSC:

Applicative

23.ThemarketbasketusedtocalculatetheCPIinAquiloniais4loavesofbread,6gallonsofmilk,2shirtsand2pants.In2005,breadcost$1.00perloaf,milkcost$1.50pergallon,shirtscost$6.00eachandpantscost$10.00perpair.In2006,breadcost$1.50perloaf,milkcost$2.00pergallon,shirtscost$7.00eachandpantscost$12.00perpair.Using2005asthebaseyear,whatwasAquilonia’sinflationratein2006?

a.30percent

b.24.4percent

c.21.6percent

d.Itisimpossibletodeterminewithoutknowingthebaseyear.

ANS:

BPTS:

1DIF:

3REF:

24-1

TOP:

InflationrateMSC:

Applicative

InthecountryofShem,theCPIiscalculatedusingamarketbasketconsistingof5apples,4loavesofbread,3robesand2gallonsofgasoline.Theper-unitpricesofthesegoodshavebeenasfollows:

Table24-3

Year

Apples

Bread

Robes

Gasoline

2002

$1.00

$2.00

$10.00

$1.00

2003

$1.00

$1.50

$9.00

$1.50

2004

$2.00

$2.00

$11.00

$2.00

2005

$3.00

$3.00

$15.00

$2.50

24.RefertoTable24-3.Using2002asthebaseyear,whatwastheinflationratebetween2002and2003?

a.-8.89percent

b.-7.14percent

c.3.75percent

d.11.25percent

ANS:

APTS:

1DIF:

3REF:

24-1

TOP:

InflationrateMSC:

Applicative

25.RefertoTable24-3.Using2002asthebaseyear,whatwastheinflationratebetween2003and2004?

a.28.5percent

b.34.2percent

c.47percent

d.Itisimpossibletodeterminewithoutknowingthebaseyear.

ANS:

BPTS:

1DIF:

3REF:

24-1

TOP:

InflationrateMSC:

Applicative

26.RefertoTable24-3.Using2002asth