Description
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Assignment Print View
1.
3/16/24, 14:38
Award: 0.76 points
Working with Data: The Consumer Price Index 1
The interactive below allows for comparing prices in the past to the present.
Instructions: Use this tool to answer the questions below.
Consumer Price Index
SETTINGS
Reset
Price Then ($)
10.00
Price Now ($)
10.00
1960
2016
1984
Year
PRICE CALCULATIONS
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
1960
GRAPH
CPI 1984 = 105.30
Price Then
Price Now
$10.00
$22.79
$4.39
$10.00
(CPI data not seasonally adjusted. Source: BLS)
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
Year
2020
a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a
ticket cost in 2016 if it cost $100 in 1995? Instructions: Round your answer to two decimal places. $
b) If the price of a movie ticket did not change in real terms between 2010 and 2016, how much did a ticket cost in 2010 if it cost $12.50
in 2016? Instructions: Round your answer to two decimal places. $
09-08-2016, dar
(updated, dar: 10-04-2019)
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…H8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 1 of 19
Assignment Print View
3/16/24, 14:38
References
Worksheet
2.
Working with Data: The
Consumer Price Index 1
Award: 0.76 points
Working with Data: The Consumer Price Index 2
The interactive below allows for comparing prices in the past to the present.
Instructions: Use this tool to answer the questions below.
Consumer Price Index
SETTINGS
Reset
Price Then ($)
10.00
Price Now ($)
10.00
1960
2016
1984
Year
PRICE CALCULATIONS
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
1960
GRAPH
CPI 1984 = 105.30
Price Then
Price Now
$10.00
$22.79
$4.39
$10.00
(CPI data not seasonally adjusted. Source: BLS)
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
Year
2020
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…H8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 2 of 19
Assignment Print View
3/16/24, 14:38
a) How much would a worker have to be paid per hour in 2016 to keep her real wage the same as in 1980 if she earned $10 per hour in
1980? Instructions: Round your answer to two decimal places. $
b) A worker earned $10 a hour in 1980 and $14 an hour in 1990. Using the interactive tool to convert each of the wage rates to
2016 dollars, did this worker experience a rise in her real wage?
Yes, because the real value of her hourly wage has risen from $25.11 to $27.81.
Yes, because she is earning more dollars per hour.
No, because the real value of her hourly wage has stayed the same.
No, because the real value of her hourly wage has fallen from $27.81 to $25.11.
09-08-2016, dar
(updated, dar: 10-04-2019)
rev: 10_23_2020_QC_CS-237364
References
Worksheet
3.
Working with Data: The
Consumer Price Index 2
Award: 0.76 points
Working with Data: The Consumer Price Index 3
The interactive below allows for comparing prices in the past to the present.
Instructions: Use this tool to answer the questions below.
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…H8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 3 of 19
Assignment Print View
3/16/24, 14:38
Consumer Price Index
SETTINGS
Reset
Price Then ($)
10.00
Price Now ($)
10.00
1960
2016
1984
Year
PRICE CALCULATIONS
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
GRAPH
CPI 1984 = 105.30
Price Then
Price Now
$10.00
$22.79
$4.39
$10.00
(CPI data not seasonally adjusted. Source: BLS)
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
Year
2020
If the price of a hotel room was $110 in 2011, $120 in 2013 and $125 in 2015, the real cost was lowest in (Click to select)
means that between 2011 and 2015, the price of the hotel room rose by (Click to select)
than the rate of inflation.
09-08-2016, dar
(updated, dar: 10-04-2019)
. This
References
Worksheet
4.
Working with Data: The
Consumer Price Index 3
Award: 0.76 points
Working with Data: The Consumer Price Index 4
The interactive below allows for comparing prices in the past to the present.
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…H8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 4 of 19
Assignment Print View
3/16/24, 14:38
Instructions: Use this tool to answer the questions below.
Consumer Price Index
SETTINGS
Reset
Price Then ($)
10.00
Price Now ($)
10.00
1960
2016
1984
Year
PRICE CALCULATIONS
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
GRAPH
CPI 1984 = 105.30
Price Then
Price Now
$10.00
$22.79
$4.39
$10.00
(CPI data not seasonally adjusted. Source: BLS)
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
Year
2020
A worker was earning $50,000 in 2007 and received a 2% raise in 2008, so his salary rose to $51,000. To figure out whether the worker,
on average, would be able to afford to buy more goods and services in 2008 than in 2007, we can index his earnings for each of the
years 2007 and 2008 to their value in 2016 to see which is higher. Based on these calculations, we conclude that:
his earnings fell in real terms and so he could not afford to buy more goods and services.
his earnings rose in nominal terms only and he could afford to buy more goods and services.
the inflation rate in 2008 was greater than 2%.
his earnings rose in both nominal and real terms between 2007 and 2008 and so he could afford to buy more goods and services.
09-08-2016, dar
(updated, dar: 10-04-2019)
References
Worksheet
5.
Working with Data: The
Consumer Price Index 4
Award: 0.76 points
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…H8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 5 of 19
Assignment Print View
3/16/24, 14:38
Price Indices: The CPI and Inflation 1
Refer to the following:
A Consumer Price Index (with Inflation)
YEAR 2023 (BASE YEAR)
Reset
Quantity
Price (0–$900)
Expenditure
Rent (2-BR apartments)
1
600.00
$600.00
Hamburgers
60
2.00
$120.00
Movie tickets
10
7.00
$70.00
Gasoline (gallons)
40
1.50
$60.00
Good
Constant Expenditure
$850.00
Current Expenditure
$850.00
YEAR 2024
Reset
Quantity
Price (0–$900)
Expenditure
Rent (2-BR apartments)
1
650.00
$650.00
Hamburgers
60
2.50
$150.00
Good
a) Note that the CPI-based rate of inflation between 2022 and 2023 in the baseline scenario provided is 9.6%. Suppose, instead of rising
from $2 to $2.50 between 2022 and 2023, the price of hamburgers rose to $3.50. What would be the rate of inflation? Instructions:
Round your answer to one decimal place.
%.
b) Reset the table. Now, suppose instead of rising to $8 in 2023, the price of movie tickets rose to $9. What would be the rate of
inflation? Instructions: Round your answer to one decimal place.
%.
c) The impact of the additional $1 increase in the price of hamburgers versus the baseline has a (Click to select)
impact on the CPIbased rate of inflation than an additional $1 increase in the price of movie tickets. This is because of the greater weight attributed to
(Click to select)
in the fixed basket of goods on which the CPI calculation is based.
09-09-2016, dar
(updated, dar: 10-04-2019)
rev: 04_01_2020_QC_CS-206189, 01_18_2022_QC_CS-290748, 06_29_2023_QC_HETS-5223
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Page 6 of 19
Assignment Print View
3/16/24, 14:38
References
Worksheet
6.
Price Indices: The CPI and
Inflation 1
Award: 0.76 points
Price Indices: The CPI and Inflation 2
Refer to the following:
A Consumer Price Index (with Inflation)
YEAR 2023 (BASE YEAR)
Good
Reset
Quantity
Price (0–$900)
Expenditure
Rent (2-BR apartments)
1
600.00
$600.00
Hamburgers
60
2.00
$120.00
Movie tickets
10
7.00
$70.00
Gasoline (gallons)
40
1.50
$60.00
Constant Expenditure
$850.00
Current Expenditure
$850.00
YEAR 2024
Reset
Quantity
Price (0–$900)
Expenditure
Rent (2-BR apartments)
1
650.00
$650.00
Hamburgers
60
2.50
$150.00
Good
a) Note that the CPI-based rate of inflation between 2022 and 2023 in the baseline scenario provided is 9.6%. Suppose, instead of
remaining at 40, the quantity of gasoline in 2023 rose to 80. What would be the rate of inflation? Instructions: Round your answer to
one decimal place.
%.
b) Select the sentence from the list below that best explains your answer to part a).
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Page 7 of 19
Assignment Print View
3/16/24, 14:38
The CPI-based rate of inflation falls because the lower gasoline price in 2023 is now applied to a higher quantity.
The CPI-based rate of inflation goes up to reflect the higher quantity of gasoline in 2023.
The CPI-based rate of inflation is unchanged because current expenditure is unaffected by quantity changes in 2023.
The CPI-based rate of inflation is unchanged because it calculates the change in the cost of a fixed-weight basket of goods and services based
on the quantities from 2022.
.
(updated, dar: 10-04-2019)
rev: 10_06_2020_QC_CS-232373, 12_13_2021_QC_CS-286966, 10_19_2022_QC_CS-318924, 11_17_2023_QC_HETS-22768
References
Worksheet
7.
Price Indices: The CPI and
Inflation 2
Award: 0.76 points
Price Indices: The CPI and Inflation 3
Refer to the following:
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…H8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 8 of 19
Assignment Print View
3/16/24, 14:38
A Consumer Price Index (with Inflation)
YEAR 2023 (BASE YEAR)
Good
Reset
Quantity
Price (0–$900)
Expenditure
Rent (2-BR apartments)
1
600.00
$600.00
Hamburgers
60
2.00
$120.00
Movie tickets
10
7.00
$70.00
Gasoline (gallons)
40
1.50
$60.00
Constant Expenditure
$850.00
Current Expenditure
$850.00
YEAR 2024
Reset
Good
Quantity
Price (0–$900)
Expenditure
Rent (2-BR apartments)
1
650.00
$650.00
Hamburgers
60
2.50
$150.00
a) Note that the CPI-based rate of inflation between 2021 and 2022 in the baseline scenario provided is 9.6%. Consider a family whose
income increases by 9.6% between 2021 and 2022. Assuming the family purchases the same basket of goods and services in both
years, the purchasing power of this family will (Click to select)
after the income increase.
b) Suppose instead of purchasing the same basket of goods and services in 2022 as they did in 2021, the family responds to the price
changes by decreasing the quantity of hamburgers and movie tickets and increasing the quantity of gasoline. In this case, the actual
cost of living increase the family experiences is (Click to select)
the 9.6% increase in the CPI. In this case, the CPI
(Click to select)
the “true” rate of inflation.
09-09-2016, dar
(updated, dar: 10-04-2019)
rev: 10_06_2020_QC_CS-232498, 03_08_2022_QC_CS-299355
References
Worksheet
8.
Price Indices: The CPI and
Inflation 3
Award: 0.76 points
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…H8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 9 of 19
Assignment Print View
3/16/24, 14:38
Understanding Macroeconomic Data 1
Instructions: Use the data tool to answer the questions below. Choose one or two series as directed and press ‘Plot Data.’
Understanding Macroeconomic Data
MACROECONOMIC DATA
1950
1963
Recession Year(s)
1976
1989
2002
Off
2015
Year
SETTINGS
Plot Data
Reset
Variables
Output (Real GDP)
Output per Person
Labor Productivity Index
Unemployment Rate
Labor Force Participation Rate
Inflation Rate
Exports and Imports
Trade Balance
Time Period
Instructions: Select the Output (real GDP) series and plot it for the entire data range. Switch
the Recession Year(s) button to ON.
a) Look at the graph and pick the answer that best describes the data series.
Real GDP shows no distinct trend.
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Assignment Print View
3/16/24, 14:38
Real GDP generally rises over time because of the higher price level in more recent years.
Real GDP, because it is a real variable, tends to be constant.
Real GDP generally rises over time, except during recessions (when it may fall).
Instructions: Change the Start Date in the Time Period box to the year 2000 and press ‘Plot Data.’ Check that the Recession Year(s)
button is changed to ON.
b) Choose the options that best complete the following sentence:
The recession that started at the end of 2007 was (Click to select)
severe than the 2001 recession, as evidenced by the
(Click to select)
negative impact on the level of real GDP and the (Click to select)
length of the recession.
09-08-2016, dar
References
Worksheet
9.
Understanding
Macroeconomic Data 1
Award: 0.76 points
Understanding Macroeconomic Data 2
Instructions: Use the data tool to answer the questions below. Choose one or two series as directed and press ‘Plot Data.’
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 11 of 19
Assignment Print View
3/16/24, 14:38
Understanding Macroeconomic Data
MACROECONOMIC DATA
1950
1963
Recession Year(s)
1976
1989
2002
Off
2015
Year
SETTINGS
Plot Data
Reset
Variables
Output (Real GDP)
Output per Person
Labor Productivity Index
Unemployment Rate
Labor Force Participation Rate
Inflation Rate
Exports and Imports
Trade Balance
Time Period
Instructions: Select the Unemployment Rate series and plot it for the entire data range. Switch the Recession Year(s) button to ON. In
order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark.
For incorrect answer(s), click the option twice to empty the box.
a) Look at the graph and check all that apply from the list below.
Over the entire period, the unemployment rate has shown a distinct downward trend.
Over the entire period, the unemployment rate has mostly been below 4%.
Over the entire period, the unemployment rate has always been greater than zero.
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Page 12 of 19
Assignment Print View
3/16/24, 14:38
Over the entire period, the unemployment rate has mostly been between 4% and 8% of the labor force.
Instructions: Change the Start Date in the Time Period box to the year 1985 and press ‘Plot Data.’ Switch the Recession Year(s) button
to ON. In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a
check mark. For incorrect answer(s), click the option twice to empty the box.
b) Look at the graph and check all that apply from the list below.
The unemployment rate starts to fall before a recession ends.
The unemployment rate remains constant during a recession.
The unemployment rate rises during recessions.
Over this period, the unemployment rate was highest during (and just after) the recession that started at the end of 2007.
09-08-2016, dar
rev: 02_21_2020_QC_CS-201155, 01_05_2021_QC_CS-245736
References
Worksheet
10.
Understanding
Macroeconomic Data 2
Award: 0.76 points
Understanding Macroeconomic Data 3
Instructions: Use the data tool to answer the questions below. Choose one or two series as directed and press ‘Plot Data.’ Press
‘Reset’ in between activities.
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 13 of 19
Assignment Print View
3/16/24, 14:38
Understanding Macroeconomic Data
MACROECONOMIC DATA
1950
1963
Recession Year(s)
1976
1989
2002
Off
2015
Year
SETTINGS
Plot Data
Reset
Variables
Output (Real GDP)
Output per Person
Labor Productivity Index
Unemployment Rate
Labor Force Participation Rate
Inflation Rate
Exports and Imports
Trade Balance
Time
Period Year(s) button to ON.
Instructions: Select the Inflation Rate series and plot it for the entire data range. Switch
the Recession
Use the graph to decide whether each of the following statements is TRUE or FALSE.
a) Since the year 2000, the inflation rate has been consistently over 4%.
b) For the period plotted, the 1970s was the decade in which inflation was highest.
c) Inflation fell during some recessions but rose during others.
09-08-2016, dar
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Page 14 of 19
Assignment Print View
3/16/24, 14:38
References
Worksheet
11.
Understanding
Macroeconomic Data 3
Award: 0.76 points
Understanding Macroeconomic Data 4
Instructions: Use the data tool to answer the questions below. Choose one or two series as directed and press ‘Plot Data.’
https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhb…8-Nf4rD1FF-Wnys2wm2j7ozjY0cH6847h45zPSkFRPi73iXh1Wv1eitPxJk1GDM
Page 15 of 19
Assignment Print View
3/16/24, 14:38
Understanding Macroeconomic Data
MACROECONOMIC DATA
1950
1963
Recession Year(s)
1976
1989
2002
Off
2015
Year
SETTINGS
Plot Data
Reset
Variables
Output (Real GDP)
Output per Person
Labor Productivity Index
Unemployment Rate
Labor Force Participation Rate
Inflation Rate
Exports and Imports
Trade Balance
Instructions: Select the Output per Person and Labor Productivity Index series and plotTime
them Period
for the entire data range. Switch the
Recession Year(s) button to ON.
Choose the options that best complete the following sentences. Before choosing your answers, look carefully at the graph and note how
the variables are measured on separate axes with different scales.
a) Labor productivity, a measure of output per worker, is
(Click to select)
the workforce.
(Click to select)
b) Output per Person and Labor Productivity have generally
(Click to select)
higher than output per person because the population is
over time.
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Assignment Print View
3/16/24, 14:38
c) During recessions, Output per Person tends to
09-08-2016, dar
(Click to select)
.
References
Worksheet
12.
Understanding
Macroeconomic Data 4
Award: 0.76 points
Working with Economic Data 1
Instructions: Use the data tool to answer the questions below. Choose one, two or several series as directed and press ‘Plot.’ Press
‘Reset’ in between activities.
Economic Data (1960 – 2017)
Recessions
ECONOMIC DATA (1960 – 2017)
Off
Legend
24%
1980:0
20%
16%
12%
8%
4%
0%
-4%
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
1980
1960
2017
SETTINGS
Plot Graph
Reset
Real GDP Growth
Fed Funds Nominal
2 Year T-note Rate
Moody’s Baa LT Rate
Rate of Inflation
Fed Funds Real
5 Year T-note Rate
Risk Spread
Unemployment Rate
Fed Funds Target
10 Year T-note Rate
Term Spread
M1 Money Growth
3 Month T-bill Rate
30 Year T-bond Rate
Ex-post Real Rate
M2 Money Growth
1 Year T-note Rate
Moody’s Aaa LT Rate
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Page 17 of 19
Assignment Print View
3/16/24, 14:38
Instructions: Select the real GDP growth rate and unemployment rate series. Turn on Recessions at the top of the graph to add
recession bars to the graph.
a) Look at the graph of the GDP growth rate and unemployment series. Focusing on the 2007-2009 recession, check all that apply from
the following list of statements.
The unemployment rate rises during a recession.
The GDP growth may become negative during a recession.
The unemployment rate falls immediately at the end of a recession.
The GDP growth rate falls during a period of recession.
Instructions: Select the inflation rate and unemployment rate series. Turn on Recessions at the top of the graph to add recession bars
to the graph.
b) During the 2007-2009 recession, the rate of inflation (Click to select)
while the rate of unemployment (Click to select)
(Click to select)
relationship between the two series is what we would expect based on the Phillips Curve.
09-08-2016, dar
. This
References
Worksheet
13.
Working with Economic Data
1
Award: 0.88 points
Working with Economic Data 2
Instructions: Use the data tool to answer the questions below. Choose one, two or several series as directed and press ‘Plot.’ Press
‘Reset’ in between activities.
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Page 18 of 19
Assignment Print View
3/16/24, 14:38
Economic Data (1960 – 2017)
ECONOMIC DATA (1960 – 2017)
Recessions
Off
Legend
24%
1980:0
20%
16%
12%
8%
4%
0%
-4%
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
1980
1960
2017
SETTINGS
Plot Graph
Reset
Real GDP Growth
Fed Funds Nominal
2 Year T-note Rate
Moody’s Baa LT Rate
Rate of Inflation
Fed Funds Real
5 Year T-note Rate
Risk Spread
Unemployment Rate
Fed Funds Target
10 Year T-note Rate
Term Spread
M1 Money Growth
3 Month T-bill Rate
30 Year T-bond Rate
Ex-post Real Rate
M2 Money Growth
1 Year T-note Rate
Moody’s Aaa LT Rate
Instructions: Select the M1 money growth series and the Fed Funds target series. Use the graph to complete the following sentence.
In 2007-2008, as the economy headed into recession, the Federal Reserve
change was reflected in (Click to select)
in the rate of M1 money growth.
09-08-2016, dar
(Click to select)
the target Fed Funds rate. This policy
References
Worksheet
Working with Economic Data
2
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