Heading 2 Heading 3 Heading 4 alyles Dictate Editor Pane Create and Adobe PD Instructions: Show work to receive partial credit. Round only your final answers to 2 decimal places, if applicable. When asked to write a sentence, write complete sentences making interpretations in the context on the problem. Resources allowed: You can use your calculator, notes, PowerPoints, and textbook on the following Quiz. No other resources are allowed. Note: Use the CPI table given on the last page, if needed to answer any of the following. Your classwork and PowerPoint on Indices from Chapter 3> Indices Folder should help with these problems: 1. Find the rate of inflation from 1990 to 2000. (2 pts) 2. Compare the CPIs of 2008 and 1978 as a ratio or percent then interpret your result in the context of what CPI means by writing a sentence. (3 pts) 3. Fill in the blanks (5 pts) a.) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. b.) CPI of 163 in 1998 means from one year to the next is usually defined as the c.) The relative change in the Consumer Price Index and is reported as a percent change. d. ) is used as a reference time period for CPI Focus To E E - sh (United States)4. Suppose the cost of one-year tuition at University A in 2000 was $40,000. What would the tuition be at University A in the year 2001 adjusting for the rate of inflation? (2 pts) CONSUMER PRICE INDEX (CPI) TABLE 3.4 Average Annual Consumer Price Index (1982-1984 = 100) Year CPI Year CPI Year CPI 1976 56.9 1987 113.6 1998 163.0 1977 60.6 1988 118.3 1999 166.6 1978 65.2 1989 124.0 2000 172.2 1979 72.6 1990 130.7 2001 177.1 1980 82.4 1991 136.2 2002 179.9 1981 90.9 1992 140.3 2003 184.0 1982 96.5 1993 144.5 2004 188.9 1983 99.6 1994 148.2 2005 195.3 1984 103.9 1995 152.4 2006 201.6 1985 107.6 1996 156.9 2007 207.3 1986 109.6 1997 160.5 2008 215.3