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- c) The government has released the latest retail price index which suggests inflation was1.62%. A typical basket of food at the supermarket this week costs £52.67. Calculate thecost of that typical basket:i) a year agoii) one month ago (assuming inflation occurs evenly throughout the year)Inflation and Unemployment Question 4 Suppose you have $200,000 in a bank term account. You earn 5% interest per annum from this account. You anticipate that the inflation rate will be 4% during the year. However, the actual inflation rate for the year is 6%. Calculate the impact of inflation on the bank term deposit you have and examine the effects of inflation in your city of residence with attention to food and accommodation expenses. The Australian Bureau of Statistics (ABS) reported in May 2017 that the civilian population in Australia over 15 years of age was 20.8 million. Of this population of 20.8 million Australians, 13.5 million were employed and 0.7 million were unemployed. Calculate Australia’s labor force and the number of people in the civilian population who were not in the labor force? Also, with examples examine the causes of structural unemployment in AustraliaOfficially consumer price inflation occurs when there is Inflation is measured by calculating A) one-time increase in the general price level measured using GDP Deflator; a price level. B) a one-time increase in wages; a price index. C) an increase in the price level measured using CPI; the percentage change in a price index from one year to the next. D) a sustained increase in wages and GDP Deflator; the percentage difference between the price level and a price index.
- > 325 Question 10 A rise in wages would raise cost of production and hence leads to A) a fall in the price level. B) demand-pull inflation C) no changes in the price level. D cost-push inflation Question 11 1080 100 e di OT nIf the real interest rate (rreal) you pay on a one-year loan ends up being 7%, and inflation was 6% over that year, what is the nominal interest rate on your loan? Hint: enter your answer without a % sign Example: if the answer is 4%, enter 420) Some inflation is actually considered good. Explain why that is.
- Which of the following is NOT a step in calculating the inflation rate from one period to the next? Collect the prices from the stores where people shop. O Find out what people typically buy. Measure the change in quality of the products from one period to the other. Find the total value of the basket of goods and services.Please answer a and b. Year Price Index Costs Benefits 0 100 $10,000 $0 1 104 $0 $6,000 2 108.16 $0 $6,000 The table above lists the costs and benefits that accrue to investment in education. The table lists a price index that reflects the expectation that in each of the two years after the investment has been made, the level of inflation will be 4% while the interest rate in the market will remain constant at 6% per year. a. Use the market interest rate as the discount rate to convert the nominal values of the costs and benefits to present values. b. Does the present value of the benefits exceed the present value of the costs. c. Why would persons want to invest in their human capital while they are young? d. Explain why some persons make new human capital investments when they are older.Define the term inflation factor?
- 4. Good X Y Z Quantity 10 20 5 Price in 1999 $5 $10 $6 Price in 2000 $6 $10 $10 Assume year 2000 is the base year. a) Calculate the market basket value for each year. What is the consumer price index in 1999? b) What is the inflation rate between 1999 and 2000?The CPI inflation rate from 1982 to 2002 is ________ and from 2002 to 2022 is ________. The difference in the rates of inflation is ________. A. 46.9 percent; 33.7 percent; -13.2 percentage points B. 46.9 percent; 33.7 percent; -28.1 percentage points C. 88.4 percent; 50.9 percent; -42.4 percentage points D. 88.4 percent; 50.9 percent; -37.5 percentage pointState the causes of inflation
