CHAPTER Bl Sadmiring the Con of Living Which one of the following lists the values of the CPI in 2017, 2018, and 2019 respectively? TOO; III: 139.6 x 100, 109 2, 116 () 100: 1133: 125 100: 111: 139.6-346:19 300 *1.60 1 83.5: 94.2. 100 30/300+180 333 ( 305 x 1 20 Which one of the following is the inflation rate for 20189 3 0 percent b 4.2 percent (@)11 percent d. 13.3 percent 10. Which one of the following is the inflation rate for 20192 a. 0 percent b. 10.3 percent c. 11 percent d. 13.3 percent Il. Which one of the following explains why the table shows that the 2018 inflation rate is biased upward? a. base-year bias b. commodity substitution bias c. bias due to unmeasured quality change d. bias due to the introduction of new goods 12. Suppose the base year is changed in the table from 2017 to 2019 (meaning you should now use the 2019 consumption basket). Which one of the following is the new value of the CPI in 2018? a. 80.6 b. 88.6 C. 90.6 d. 100.0 50 000 while the CPI rises from quantities consumed in Carnivore Country. The base your in which the typical consumption basket was determined.) Price of Quantity of Price of Quantity of Year beef beef chicken chicken 2017 $2.00 100 $1.00 100 30 0 2018 $2.50 90 $0.90 120 333 2019 $2.75 105 $1.00 130 418. 75 7. Ca. $300 Which one of the following is the value of the basket in the base year? 6. $333 insotog Of c. $418.75 300 d. $459.25 100