15. In 2007 index (CPI) of Maxistan was 345, in 2008 the CPI of Maxistan was 370, and in 2009 the CPI of Maxistan was 400. What was amount of inflation in Maxistan between 2007 and 2009? (A) The inflation rate of Maxistan cannot be determined using the information given. (B) -315% (C) 55% (D) -13.75% (E) 15.94%

16. In 2006, the consumer price (CPI) Of Maxistan was 290 and in 2007, the CPI of Maxistan was 320. If nominal gross domestic product (GDP) grew by 6%, which of following is true? I. Real GDP declined between 2006 and 2007. II. Households whose income rose by 6% maintained the same standard of living, III. Households earning in 6% nominal interest in their savings accounts had a decline in the value of their savings (A) I only (B) II only (C) III only (D) I and III only (E) II and III only

17. Consumers in of Xela paid $500 for a bundle of goods in 2001, the reference year for Xela's consumer price index (CPI). For the same bundle of goods, they paid $700 in 2008, $750 in 2009 and $810 in 2010. What was the CPI in 2009? (A) 300 (B) 150 (C) 116 (D) 110 (E) 108

18. In Erinia the cost of a basket of goods was in $500 in 1979, in 1980 $600 in 1980 and $900 in 1983. If the consumer price index in 1983 is 150, what year is the base year? (A) 1979 (B) 1980 (C) 1981 (D) 1982 (E) 1983

19. In 2009 Janet earned a salary of $40,000 and the consumer price index (CPI) was 210. In 2010 Janet earned a salary of $42,000 and the CPI was 225. Which of the following statements is true? (A) Janet has experienced a decrease in earnings of about 2.14%. (B) Janet has experienced an increase in real earnings of about 5%. (C) Janet has experienced a decrease in real earnings of about 5%. (D) Janet has experienced an increase in real earnings of about 2.14% (E) Janet's real earnings are essential the same in both years.

20. Which of following will change significantly year is changed?

I. The values of the CPI in each year. II. The values of the cost of the basket of goods in each year III. The rate of inflation in each year (A) I only (B) II only (C) III only (D) I and III only (E) I and II and only

21. EliCO created a new gadget in 2002 that most consumers were purchasing by 2004. However, it was not in the price index (CPI) until 2009. This creates a problem know as (A) unexpected inflation (B) expected inflation (C) quality bias (D) substitution bias (E) Introduction of new goods bias

22. The consumer price index (CPI) in Kaylestan assumes that households buy 10 pounds of chicken per and 10 pounds per week and 10 pounds of beef per week. If the price of chicken suddenly doubles and households shift their purchases to buy more beef, this leads to a problem in calculating the CPI known as: (A) unexpected inflation (B) expected inflation (C) quality bias (D) substitution bias (E) introduction of new goods bias

23. that the price index (CPI) will by in 2009, She believes that her job in 2008 and in in 2009. In 2008 she made $30,000 What the minimum should in 2009 to get a 2% in salary? (A) $30,000 (B) $32,100 (C) $30,600 (D) $31,500 (E) $32,130