BUSINESS HIGH SCHOOL

Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been selected as the base year. In 2002, the basket’s cost was $600; in 2004, the basket’s cost was $650; and in 2006, the basket’s cost was $700. The value of the CPI in 2004 was (rounded to one decimal place)

Answers

Answer 1
Answer:

Answer:

The answer is: The CPI for 2004 is 108.3

Explanation:

The Consumer Price Index (CPI) for 2004 can be calculated using the following formula:

CPI 2004 = (2004 basket cost / base year basket cost) x 100

CPI 2004 = (650 / 600) x 100

CPI 2004 = 108.3

The CPI measures changes in the price level of a basket of goods and services relative to a base year.

Answer 2
Answer:

Final answer:

The Consumer Price Index (CPI) for the year 2004, given a base year of 2002 and respective basket costs, would be 108.3. This indicates an inflation rate or a rise in average price level of 8.3% compared to the base year.

Explanation:

To calculate the CPI in 2004, we first need to understand that the Consumer Price Index (CPI) is a measure used to reflect the average cost of a fixed basket of goods and services over time. In this case, the basket of goods was $600 in the base year of 2002, which is taken as the standard or comparison point. In 2004, the cost of the same basket increased to $650. The CPI is calculated using the formula:

CPI = (Cost of the basket in the current year/Cost of the basket in the base year) * 100

In this case, substituting the given values:

CPI (2004) = ($650/$600)*100 = 108.3 (rounded off to one decimal place)

So, the CPI in 2004 was 108.3. This suggests that the average prices in 2004 were 8.3% higher than in the base year 2002.

Learn more about Consumer Price Index here:

brainly.com/question/4513076

#SPJ3

Related Questions

What type of control focuses on measuring a company’s products territories, customer groups, segments, trade channels, and order sizes to help expand or eliminate any products or marketing activities? Profitability Activity Efficiency Solvency
Distinguish between the features and benefits of getting a student loan and getting a grant or a scholarship.Categories:- Student Loan- Grant or ScholarshipTiles:- Borrowed money that needs to be repaid- Given based on financial need- Given based on academic achievement and financial need- Part of credit history
Shelby is in a college course for half the day and then goes to high school. What program is she in?
A nurse caring for a client tries to prioritize nursing actions on the basis of Maslow's hierarchy of needs. Which statement of the client would the nurse pay attention to last?
If a driver with an insurance policy drives infrequently, it canraise costs.lower costs.create riskshare risk.

A family's ability to bounce back from a crisis like homelessness home and this is an example of parental resilience reduced child abuse and neglect determination or none above

Answers

Answer:

Parental resilience

Explanation:

Parental resilience is the ability to recover from challenges and crisis through creative thinking ,be positive minded , requesting for help when required and end up being stronger .

It is very important as every family is prone to crisis at any time , the degree of resilience possessed determines how well and quickly the person will come out of the situation.

It is based on resilience, social connection ,supports during a challenge,social and emotional competence of children and knowledge of parenting and child development.
wht is this is this history

A written agreement is called whata. contract
b. solvency
c. investment
d. tariff

Answers

My best guess is A. a contract.

A contract is a written agreement

Which of the following is not included in the heading of a cover letter

Answers

Since no choices are presented, I'll just list down the parts of a cover letter.

A cover letter is a one page document that is attached to a resume. It has 5 parts.

1) The Salutation : Dear Hiring Manager,
2) The Grab - Opening Paragraph - introduction about yourself and your immediate qualification on the position you are applying
3) The Hook - Second Paragraph - examples of work performed and its results
4) Paragraph of Knowledge - Third Paragraph - knowledge you have about the company and its needs in connection with your application.
5) The Close - Fourth Paragraph - quick summary of what you are offering and how they can contact you.

Answer:

salutation

Explanation:

Choosing firm goals for your business A. allows you to diversify as opportunities develop.
B. allows you to be more flexible.
C. prevents you from staying focused.
D. eliminates other options.

Answers

The options A, B, & C are correct. Choosing firm goals for your business allows you to diversify as opportunities develop, allows you to be more flexible and prevents you from staying focused.  

Further Explanation:

The main goal of the business is to earn profit and survive for a long period. Every entrepreneur wants to succeed in his business. The goal of the business allows to diversify, stay focus and more flexible.  

Justification for the correct and incorrect answer:

A.

Allows you to diversify as opportunities develop: This option is correct.

If the firm chooses the goals to allow diversify as opportunities develop. It will increase the profit as the opportunity is grasped by the firm and take advantage of it.  

B.

Allows you to be more flexible: This option is correct.  

If the firm is more flexible, the firm is more able to achieve its goal. The flexibility maintains the goals and easy to diversify the business.  

C.

Prevents you from staying focused: This option is correct.

As the firm is more diversified, the firm can do increase the profit by prevents from stay focused only on one work.  

D.

Eliminates other options: This option is incorrect.

This option is not correct, the firm can not eliminate other options. If the firm does this, the firm can not get the available options.  

Learn more:

1. Learn more about the demand curve

brainly.com/question/8794304

2. Learn more about the exchange

brainly.com/question/3814456

3. Learn more about economic pie

brainly.com/question/6156396

Answer details:

Grade: Middle School

Subject: Business

Chapter: Goal of the business

Keywords:

firm, the goal of the business, goals for your business allows, you to diversify as opportunities, develop, to be more flexible, and prevents you from staying focused.  

D. Eliminates other options is correct. Just took the test.


One drawback of mailed marketing surveys is

Answers

One drawback of mailed marketing surveys is limited response rates. Due to the physical nature of mailing, it takes time for surveys to reach recipients and for responses to be returned.

What does this lead to?

This delay may result in reduced engagement and interest from recipients, leading to lower participation rates compared to online surveys.

Additionally, mailed surveys can be perceived as less convenient and may be overlooked or discarded by recipients. As a consequence, the overall sample size and data quality may be affected, potentially limiting the survey's effectiveness in gathering comprehensive and actionable insights for marketing strategies.

Read more about surveys here:

brainly.com/question/14610641

#SPJ6

One drawback of mailed marketing surveys is  

  A. the process is inconvenient for the respondent.

  B. the lack of anonymity.

  C. the high cost.

  D. longer response times, sometimes six to eight weeks

The answer is, D. longer response times, sometimes six to eight weeks

A(n) __________ consists of one person at the top of the organization and many levels of managers who are responsible to that person

Answers

The answer is hierarchy.
Other Questions
Colin told the management team that their Ohio-based company should produce the textiles for the new line of jackets in China because it would allow them to price the clothing line lower, which would then give consumers more money to spend on other items. Colin is making an argument for ______.
Annika is attending college next year. She just got information on the college costs and the financial aid package the college is offering. Annika knows her parents can contribute $7,500 each year. Annika's College Costs & Financial Aid Package per Year Costs Financial Aid Package Tuition & Fees Grants & Scholarship $21,500 $10,500 Room & Board Work-Study $13,500 $9,000 How much will Annika need to pay each year from her own savings and from loans? $8,000 $11,000 $15,500 $17,000
The absence of cyclical unemployment is evidence that? A. production and employment levels are at their worst. B. businesses are producing more than they can sell and works are being laid off C. prices are dropping and the value of money is rising D. business production is near full capacity and there is little unemployment
1. What effect does a rise in the cost of machinery or raw materials have on the cost of a good?a) A rise in the cost of raw materials (but not machinery) raises the cost. b) The good becomes cheaper to produce.c) The good becomes more expensive to produce.d) It does not have any effect on the cost of the good.2. What does new technology generally do to production? a) It lowers cost and decreases supply.b) It lowers cost and increases supply.c) It increases cost and decreases supply.d) It has very little effect on production.Could you please help me with these questions?