1. Which has a greater impact on the Consumer Price Index (CPI), a 10% increase in the price of chicken or a 10% increase in the price of Japanese Kobe beef? ________________________________________

2. If the price of imported caviar rises 10%, which metric is affected more, the Consumer Price Index (CPI) or the GDP Price Index (GDP Deflator)? ______________________________________________

3. A Hershey chocolate bar cost $1.00 in the year 2000. An identical bar cost $1.50 in 2022. How much in Percentage terms has the chocolate bar gone up between the year 2000 and 2022? ___________________

4. The percentage change in the CPI from one year to the next measures the rate of _____________________?

5. Johnny's salary in 2021 was $50,000 per year. He received a $5,000 salary increase effective in 2022 bringing his new salary to $55,000 per year. The Consumer Price Index was 200 at the end of December 2020 and 210 at the end of December 2021, which indicates a 5% inflation rate throughout 2021.

A. Disregarding the effects of inflation, in percentage terms, how much did Johnny's salary go up from 2021 to 2022? ________________%

B. After factoring in the effects of inflation, in percentage terms, how much did Johnny's REAL salary go up from 2021 to 2022? _____________________%