11:31 2024SP ECO202 Worksheet3-Ch 5&6 (0... Table 5-3 Base Year (2013) 2018 Product Quantity Price Price Cokes 100 $0.50 $0.75 Hamburgers 200 2.00 2.50 CD 10 20.00 21.00 1.) Refer to Table 5-3. Assume the market basket for the consumer price index has three products-Cokes, hamburgers, and CDs-with the following values in 2013 and 2018 for price and quantity: The Consumer Price Index (CPI) for 2018 equals Year CPI 1996 157 1997 161 1998 163 2.) Refer to table above. Consider the following values of the consumer price index for 1996, 1997, and 1998: The inflation rate for 1997 was equal to 3.) The substitution bias in the consumer price index refers to the idea that consumers the quantity of products they buy in response to price, and the CPI does not reflect this and the cost of the market basket. A) change; overestimates B) change; underestimates C) do not change; overestimates D) do not change; underestimates 4.) Seattle's minimum wage for businesses with 501 employees or more as of January 2024 is $19.97 per hour (i.e., the nominal wage). If the January 2024 CPI-W is 302.201 according to Bureau of Labor Statistics (BLS), what is the real wage rate in 2024? Total population 20,000 Working-age population 15,000 Employment 1,000 Unemployment 100 5.) Refer to table above. The unemployment rate (U3) for this simple economy equals n. 71 1 1 O= 8 n X Dashboard Calendar To Do Notifications Inbox(BN~ @1