Q1. Data Hunt:Go to the following site: https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm(Links to an external site.)

The 2005 annual increase (percentage change 12 months ended in December) in CPI-U was:(ex: If the annual increase was 2.34%, then enter the following: 2.3)

Ans.

Q2. Data Hunt: Use the link below to access the inflation calculator. https://data.bls.gov/cgi-bin/cpicalc.pl(Links to an external site.)

Set the starting year to 1975. For the dollar amount, input $25,000. Set the ending year for 2007. Click on the calculate button.The result represents:(Points: 1)

Group of answer choices

a) The nominal amount needed in 1975 to maintain purchasing power in 1975.

b) How much incomes have increased over a 32 year period.

c) If you make $96,348 today, you would be able to buy roughly the same amount of goods and services in 1975 if you made only $25,000.

d) How the inflation rate increased purchasing power to the point where $25,000 in 2007 has the same value as $96,348 in 1975.