pt.php?attempt=666039&cmid=2041465 HBOARD GGU.EDU HELP MY COURSES Price of the Year Goods Basket 1980 $500 1991 1992 $690 A statistical agency measures the price index using a basket of consumer goods. This table shows the price in dollars for this basket of goods for four years. Use 1990 as the base year. Calculate the value of the consumer price index in 1990-1993. The formula for determining the price index in a given year is Price Index = 100 x (Price Level in Given Year/Price Level in Base Year) What is the 1991 index value? Answer Question 2 Not yet answered Points out of 1.00 P Flag question What was the inflation rate for 1993? (ex: input the value you find on the vertical axis. So, if 1991 corresponds to a 40.2% inflation rate then you will input: 40. All answers must correspond to values found on the vertical axis (e.g., 5, 10, 15, 20, etc.). Round if necessary.) Answer Question 3 Not yet answered Points out of 1.00 P Flag question Using table 2.3, in 1993: Select one: OA The inflation rate and the price index both fell OB. The inflation rate fell but the price index increased OC. The inflation rate increased and the price index fell OD. The inflation rate and the price index both increased Question 4 Not yet answered Points out of 1.00 P Flag question Calculate inflation rates for 1991, 1992, and 1993, using this formula: Inflation = 100% x [(Price Index in Given Year - Price Index in Previous Year)/(Price Index in Previous Year)] Plot your data on the blank graph below: INFLATION RATE 25 1970 (You can't calculate the inflation rate for 1990 because you don't know the price index in 1989.)