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Economics in the News May 19, 2017 First study the news article linked below. Canada's inflation rate steady at 1.6% in April 1. According to the news article, which categories experienced rising prices in April 2017? In April 2017 experienced rising prices. O A. transportation and food O B. clothing and footwear O C. transportation and shelter O D. food and gasoline 2. What is the inflation rate? The inflation rate is the O A. ratio of nominal GDP to real GDP O B. average prices of goods and services in the economy O C. percentage increase in the price level O D. average of the prices received by producers of goods and services3. What is the consumer price index? The consumer price index is O A. equal to nominal consumption expenditure divided by real consumption expenditure O B. equal to nominal GDP divided by real GDP O C. an average of the prices of the goods and services purchased by a typical household O D. an unbiased price level based on a typical basket of household goods and services purchased in 2015 4. Consider the CPI categories transportation, shelter, health and personal care and food. List these categories from greatest weight to smallest weight in the CPI basket. O A. shelter, food, health and personal care, transportation O B. shelter, transportation, food, health and personal care O C. food, shelter, health and personal care, transportation O D. transportation, shelter, food, health and personal care 5. In April 2016, the CPI was 128.3 and in the year from April 2016 to April 2017, the inflation rate was 1.6 percent. What was the value of the CPI in April 2017? A. 129.9 O B. 126.7 O C. 205.3 O D. 130.4