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Question 1

Suppose that a typical market based in Japan consists of 170 Avocados and 230 Textbooks.

The table below shows data on prices for Avocados and Textbooks in Japan for three years.

YearPrice of AvocadosPrice of Textbooks
20141.2160
20150.9210
20161130

Assume that the base year is 2016.

Given this data, what is the price of the basket in 2014?

Hint

Question 2

Suppose that a typical market basket in Japan consists of 130 Pineapples and 240 Jackets.

The table below show data on prices for Pineapples and Jackets in Japan for three years.

YearPrice of PineapplesPrice of Jackets
20141.6120
2015180
20161.5200

Assume that the base year is 2015.

Given this data, what is the price of the basket in 2015?

Hint

Question 3

Suppose that a typical market basket in the US consists of 150 Apples and 240 Jackets.

The table below shows data on prices for Apples and Jackets in the US for three years.

YearPrice of ApplesPrice of Jackets
20141.1100
20151150
20160.9150

Assume that the base year is 2016.

Given this data, what is the price of the basket in 2016?

Hint

Question 4

Suppose that a typical market based in Japan consists of 120 Avocados and 270 Bags.

The table below show data on prices for Avocados and Bags in Japan for three years.

YearPrice of AvocadosPrice of Bags
20140.5100
2015180
20160.8150

Assume that the base year is 2014.

Given this data, what is CPI in 2014?

Hint

Question 5

Suppose that a typical market basket in Mexico consists of 120 Apples and 220 Jackets.

The table below shows data on prices for Apples and Jackets in Mexico for three years.

YearPrice of ApplesPrice of Jackets
20141.1150
20150.8170
20160.990

Assume that the base year is 2016.

Given this data, what is CPI in 2015?

Hint

Question 6

Suppose that a typical market basket in Mexico consists of 120 Pineapples and 230 Textbooks.

The table below shows data on prices for Pineapples and Textbooks in Mexico for three years.

YearPrice of PineapplesPrice of Textbooks
20141.2100
20151100
20161.5150

Assume that the base year is 2014.

Given this data, what is CPI in 2016?

Hint

Question 7

Suppose that a typical market basket in Norway consists of 150 Apples and 210 Bags.

The table below show data on prices for Apples and Bags in Norway for three years.

YearPrice of ApplesPrice of Bags
20140.5200
20150.9110
20161.1110

Assume that the base year is 2016.

Given this data, what is the inflation rate between 2014 and 2015?

Hint

Question 8

Suppose that a typical market basket in Mexico consists of 170 Apples and 290 Jackets.

The table below shows data on prices for Apples and Jackets in Mexico for three years.

YearPrice of ApplesPrice of Jackets
20142190
20150.9200
20161.6130

Assume that the base year is 2014.

Given this data, what is the inflation rate between 2015 and 2016?

Hint