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Chapter20-IndexNumbers
CopyrightCengageLearning.PoweredbyCognero.
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PAGE
MultipleChoice
1.
Thepricerelativeisapriceindexthatisdeterminedby
a.
(Priceinperiodt/Baseperiodprice)(100).
b.
(Baseperiodprice/Priceinperiodt)(100).
c.
(Priceinperiodt+Baseperiodprice)(100).
d.
(Priceinperiodt)(100).
ANSWER:
a
2.
Amonthlypriceindexthatusesthepricechangesinconsumergoodsandservicesformeasuringthechangesinconsumerpricesovertimeisknownasthe
a.
Paascheindex.
b.
ConsumerPriceIndex.
c.
ProducerPriceIndex.
d.
Laspeyresindex.
ANSWER:
b
3.
ConsumerPriceIndexis
a.
aweightedaggregatepriceindexwheretheweightforeachitemisitscurrent-periodquantity.
b.
aweightedaggregatepriceindexwheretheweightforeachitemisitslast-periodquantity.
c.
anindexthatisdesignedtomeasurechangesinquantitiesovertime.
d.
anindexthatisdesignedtomeasurechangesinproductionlevelsovertime.
ANSWER:
a
4.
Apriceindexforagivenitemwhichiscomputedbydividingacurrentunitpricebyabase-periodunitpriceandmultiplyingtheresultby100isknownasthe
a.
ProducerPriceIndex.
b.
ConsumerPriceIndex.
c.
Paascheindex.
d.
Pricerelative.
ANSWER:
d
5.
Acompositepriceindexbasedonthepricesofagroupofitemsisknownasthe
a.
Grouppricerelative.
b.
Aggregatepriceindex.
c.
Laspeyresindex.
d.
Paascheindex.
ANSWER:
b
6.
ACompositepriceindexwherethepricesoftheitemsinthecompositeareweightedbytheirrelativeimportanceiscalledthe
a.
Pricerelative.
b.
Weightedaggregatepriceindex.
c.
Paascheindex.
d.
Quantityindex.
ANSWER:
b
7.
Theconsumerpriceindexis
a.
amonthlypriceindexthatisdesignedtomeasurechangesinpricesforgoodssoldinprimarymarkets.
b.
aquarterlypriceindexthatuses100asabase.
c.
amonthlypriceindexthatusesthepricechangesinamarketbasketofconsumergoodsandservicestomeasurethechangesinconsumerpricesovertime.
d.
anothernameforthePaascheindex.
ANSWER:
c
8.
Amonthlypriceindexthatisdesignedtomeasurechangesinpricesofgoodssoldinprimarymarkets(i.e.,firstpurchaseofacommodityinnon-retailmarkets)isthe
a.
ConsumerPriceIndex.
b.
ProducerPriceIndex.
c.
DowJonesAverage.
d.
Weightedaggregatepriceindex.
ANSWER:
b
9.
Aweightedaggregatepriceindexwheretheweightforeachitemisitsbase-periodquantityisknownasthe
a.
Laspeyresindex.
b.
Paascheindex.
c.
Weightindex.
d.
Quantityindex.
ANSWER:
a
10.
Aweightedaggregatepriceindexwheretheweightforeachitemisitscurrent-periodquantityisthe
a.
Aggregatequantityindex.
b.
Laspeyresindex.
c.
Paascheindex.
d.
Quantityindex.
ANSWER:
c
11.
AggregatepriceindexesreflectingthepricesofstockslistedontheNewYorkStockExchangeare
a.
StockExchangeindexes.
b.
IndexesofIndustrialProduction.
c.
Producerpriceindexes.
d.
DowJonesaverages.
ANSWER:
d
12.
Anindexthatisdesignedtomeasurechangesinquantitiesovertimeisthe
a.
Aggregatepriceindex.
b.
Quantityindex.
c.
Relativequantityindex.
d.
IndexofIndustries.
ANSWER:
b
13.
Aquantityindexwhichisdesignedtomeasurechangesinthephysicalvolumeofproductionlevelsofindustrialgoodsovertimeisthe
a.
Quantityindex.
b.
Producersindex.
c.
IndexofIndustrialProduction.
d.
Paascheindex.
ANSWER:
c
14.
TheLaspeyresindexisaweightedaggregatepriceindexwheretheweightforeachitemisits
a.
current-periodquantity.
b.
base-periodprice.
c.
current-periodprice.
d.
base-periodquantity.
ANSWER:
d
15.
ThePaascheindexisaweightedaggregatepriceindexwheretheweightforeachitemisits
a.
current-periodprice.
b.
current-periodquantity.
c.
base-periodprice.
d.
base-periodquantity.
ANSWER:
b
16.
DowJonesaveragesareaggregatepriceindexesreflectingthepricesofstockslistedonthe
a.
AmericanStockExchange.
b.
NASDAQExchange.
c.
NewYorkStockExchange.
d.
TokyoStockExchange.
ANSWER:
c
17.
Thequantityindexisanindexthatisdesignedtomeasurechangesin_____overtime.
a.
productionlevels
b.
consumptionlevels
c.
quantity
d.
price
ANSWER:
c
18.
Thepricerelativeiscomputedbydividing
a.
abase-periodunitpricebyacurrentunitpriceandmultiplyingtheresultby100.
b.
acurrentunitpricebyabase-periodunitpriceandmultiplyingtheresultby100.
c.
acurrentunitpricebyabase-periodunitpriceanddividingtheresultby100.
d.
currentpricebyquantity.
ANSWER:
b
19.
Thevaluegiventoabase-periodpriceis
a.
1.00
b.
theactualpriceinthebaseperiod.
c.
100
d.
anyvaluelargerthan1.00.
ANSWER:
c
20.
Thereasonweightsareusedinanaggregateindexisto
a.
ensurethatallitemshaveaninfluenceontheindexwhichisrelativetotheirrespectiveimportance.
b.
ensure
thatexpensiveitemsareconsideredmoreheavily.
c.
ensure
thatcurrentpriceswillinfluencetheindexmorethanbaseprices.
d.
Noneofthesealternativesiscorrect.
ANSWER:
a
21.
In1995thepriceofapoundofgroundbeefwas$1.25.By2010,thepricehadincreasedto$2.50.Thepricerelativeis
a.
50
b.
0.5
c.
200
d.
3.125
ANSWER:
c
22.
Apricerelativewascomputedforhouses.Thebaseperiodis2010.Thepricerelativein2015was140.Theinterpretationofthepricerelativeisthat
a.
therehasbeena140%increaseinthepriceofhousesfrom2010to2015.
b.
therehasbeena40%increaseinthepriceofhousesfrom2010to2015.
c.
thepriceofhousesin2015was$140higherthanthepricein2010.
d.
Itisimpossibletointerprettheindex.
ANSWER:
b
23.
YouaregiventhefollowinginformationonitemsA,B,C,andD.
Item
Quantity
2005
Price
2005
Quantity
2015
A
120
1.15
150
B
50
.92
45
C
80
2.34
100
D
30
8.96
55
Theweightedaggregatequantityindexwhen2005isusedasthebaseandpricesareusedasweightsis
a.
67.956
b.
80.123
c.
300.700
d.
146.984
ANSWER:
d
24.
YouaregiventhefollowinginformationaboutitemsA,B,C,andD.
UnitPrice($)
Item
2010
2015
AnnualUsage
A
0.85
0.92
1,400
B
1.15
1.30
250
C
25.16
32.50
50
D
114.75
120.25
55
ThepricerelativeforitemAin2015(use2010asthebaseyear)is
a.
1.082
b.
7
c.
92.391
d.
108.235
ANSWER:
d
25.
YouaregiventhefollowinginformationaboutitemsA,B,C,andD.
UnitPrice($)
Item
2010
2015
AnnualUsage
A
0.85
0.92
1,400
B
1.15
1.30
250
C
25.16
32.50
50
D
114.75
120.25
55
Theunweightedaggregatepriceindexin2015is
a.
1.092
b.
91.573
c.
108.352
d.
109.203
ANSWER:
d
26.
YouaregiventhefollowinginformationaboutitemsA,B,C,andD.
UnitPrice($)
Item
2010
2015
AnnualUsage
A
0.85
0.92
1,400
B
1.15
1.30
250
C
25.16
32.50
50
D
114.75
120.25
55
Theweightedaggregatepriceindexin2015is
a.
1.084
b.
92.292
c.
108.898
d.
109.203
ANSWER:
c
27.
YouaregiventhefollowinginformationaboutitemsX,Y,andZ.
UnitPrice$
Item
2010
2015
AnnualUsage
X
25
40
300
Y
85
120
400
Z
300
340
500
ThepricerelativeforitemYis
a.
70.83
b.
1.50
c.
40.00
d.
141.18
ANSWER:
d
28.
YouaregiventhefollowinginformationaboutitemsX,Y,andZ.
UnitPrice$
Item
2010
2015
AnnualUsage
X
25
40
300
Y
85
120
400
Z
300
340
500
Theunweightedaggregatepriceindexfor2015is
a.
80
b.
121.95
c.
1.25
d.
0.80
ANSWER:
b
29.
YouaregiventhefollowinginformationaboutitemsX,Y,andZ.
UnitPrice$
Item
2010
2015
AnnualUsage
X
25
40
300
Y
85
120
400
Z
300
340
500
Theweightedaggregatepriceindexfor2015is
a.
120.10
b.
11.201
c.
12.10
d.
120
ANSWER:
a
30.
YouaregiventhefollowinginformationaboutitemsA,B,C,andD.
Unit
Price$
Annual
Usage
Unit
Price$
Annual
Usage
Item
2010
2010
2015
2015
A
0.55
4,000
0.63
4,100
B
1.15
1,125
0.93
1,300
C
32.50
120
30.00
130
D
135.25
5
115.20
9
TheLaspeyresindexin2015(rounded)is
a.
96.268
b.
95.9539
c.
102.833
d.
103.876
ANSWER:
b
31.
YouaregiventhefollowinginformationaboutitemsA,B,C,andD.
Unit
Price$
Annual
Usage
Unit
Price$
Annual
Usage
Item
2010
2010
2015
2015
A
0.55
4,000
0.63
4,100
B
1.15
1,125
0.93
1,300
C
32.50
120
30.00
130
D
135.25
5
115.20
9
ThePaascheindexin2015(rounded)is
a.
94.958
b.
97.245
c.
102.833
d.
105.309
ANSWER:
a
32.
Unit
Price$
2010
Annual
Usage
2010
Unit
Price$
2015
Annual
Usage
2015
Item
A
0.69
3,200
0.76
3,500
B
0.96
1,800
1.15
1,600
C
23.76
950
29.99
400
D
126.15
8
122.85
10
Youaregiventhe
aboveinformationaboutitemsA,B,CandD.
?
ThepricerelativeforitemBin2015(with2010asthebaseyear)is(rounded)
?
a.
81.579
b.
91.418
c.
110.145
d.
119.792
ANSWER:
d
33.
Unit
Price$
2010
Annual
Usage
2010
Unit
Price$
2015
Annual
Usage
2015
Item
A
0.69
3,200
0.76
3,500
B
0.96
1,800
1.15
1,600
C
23.76
950
29.99
400
D
126.15
8
122.85
10
Youaregiventhe
above
informationaboutitemsA,B,CandD.
?
Theunweightedaggregatepriceindexin2015is(rounded)
a.
81.579
b.
92.481
c.
108.131
d.
122.581
ANSWER:
b
34.
Unit
Price$
2010
Annual
Usage
2010
Unit
Price$
2015
Annual
Usage
2015
Item
A
0.69
3,200
0.76
3,500
B
0.96
1,800
1.15
1,600
C
23.76
950
29.99
400
D
126.15
8
122.85
10
Youaregiventhe
above
informationaboutitemsA,B,CandD.
?
TheLaspeyresindexin2015is(rounded)
?
a.
80.015
b.
80.880
c.
123.469
d.
120.440
ANSWER:
c
35.
Unit
Price$
2010
Annual
Usage
2010
Unit
Price$
2015
Annual
Usage
2015
Item
A
0.69
3,200
0.76
3,500
B
0.96
1,800
1.15
1,600
C
23.76
950
29.99
400
D
126.15
8
122.85
10
Youaregiventhe
above
informationaboutitemsA,B,CandD.
?
ThePaascheindexin2015is(rounded)
?
a.
80.015
b.
80.880
c.
120.440
d.
123.469
ANSWER:
c
36.
AllofthefollowingaretrueabouttheConsumerPriceIndexexcept?
a.
?ithasabaseperiodof2002-2003.
b.
?itisbasedonamarketbasketofitems.
c.
?itincludeschargesforservices(likedoctorbills).
d.
?itistheprimarymeasureofthecostoflivingintheU.S.
ANSWER:
a
37.
TheDowJonesIndustrialAverageisbasedoncommonstockpricesof_____largecompanies.
a.
30
b.
40
c.
50
d.
100
ANSWER:
a
38.
Wheneverweremovethepriceincreaseeffectfromatimeseries,wesayweare_____theseries.
a.
weighting
b.
pricefixing
c.
deflating
d.
disaggregating
ANSWER:
c
39.
AcommonuseoftheProducerPriceIndexisasaleadingindicatorofthefuturetrendof_____prices.
a.
rawmaterial
b.
consumer
c.
industrialstock
d.
wholesalemarket
ANSWER:
b
40.
Whichofthefollowingindexesisnotstatedasapercentageofsomebase-periodvalue??
a.
?ConsumerPriceIndex
b.
?ProducerPriceIndex
c.
?DowJonesIndustrialAverage
d.
?IndexofIndustrialProduction
ANSWER:
c
41.
TheConsumerPriceIndexisbasedontheprice-quantitycharacteristicsof_____items.
a.
50
b.
100
c.
400
d.
800
ANSWER:
c
SubjectiveShortAnswer
42.
Thepricesforakilowatthourofelectricityfortheyears2013through2016aregivenbelow.
Year
Price/KWH
2013
$.037
2014
.039
2015
.042
2016
.044
Determinethepricerelativesfortheyears2013through2016.Let2013bethebase.
ANSWER:
Year
PriceRelative
2013
100.00
2014
105.41
2015
113.51
2016
118.92
43.
Thepricesofanitemfortheyears2010through2015aregivenbelow.
Year
Price
2010
$1.61
2011
1.85
2012
2.10
2013
2.50
2014
2.60
2015
2.91
Let2010bethebaseandcomputethepricerelativesfortheyears2010through2015.
ANSWER:
Year
PriceRelatives(2010=100)
2010
100.000
2011
114.907
2012
130.435
2013
155.280
2014
161.491
2015
180.745
44.
Anautomobiledealershipsells3differenttypesofautomobiles.Unitpricesfortheyears2010and2015areshownbelow.
?
AutomobileType
UnitPrice($
in2010(Po)
UnitPrice($)
in2015(Pt)
Small
9,500
11,000
Medium
13,500
17,000
Large
18,000
22,500
Computeanunweightedaggregatepriceindexfortheautomobiles.
ANSWER:
123.17
45.
Thepricesof3productsfortheyears2012and2015areshownbelow.
Product
UnitPrice($)in2012
UnitPrice($)in2015
A
9.00
11.00
B
8.00
10.00
C
7.00
8.00
Computeanunweightedaggregatepriceindexfortheproducts.
ANSWER:
120.83
46.
ThepricesofacollegeStatisticsworkbookfortheyears2010through2015areshownbelow.
Year
Price($)
2010
25.00
2011
28.00
2012
31.25
2013
35.00
2014
45.00
2015
50.00
?
a.
Determinethepricerelativesfortheyears2010through2015.Let2010bethebaseperiod.
b.
Interpretthemeaningofthepricerelativefor2011.
ANSWER:
?
a.
Year
PriceRelatives
(Base2010=100)
2010
100
2011
112
2012
125
2013
140
2014
180
2015
200
b.
Bookpricein2011was12%above2010.
47.
Acomputerequipmentdealersellsthreetypesofprinters:LaserI,LaserII,andLaserIII.Thepricesoftheseprintersfortheyears2014and2018aregivenbelow.
UnitPrice($)
UnitPrice($)
Printer
2014(Po)
2018(Pt)
LaserI
2,000
1,000
LaserII
1,100
800
LaserIII
700
444
?
a.
Computeanunweightedaggregatepriceindexfortheprinters.Let2014bethebaseperiod.
b.
InterpretthemeaningofthevaluethatyoufoundinParta.
ANSWER:
?
a.
59
b.
Thepricesofprintershavegonedownby41%between2014and2018(notconsideringvolumeofsales).
48.
Thepricesofdiningroomtables,sofas,andentertainmentcentersatafurniturestorefortheyears2010and2015areshownbelow.
UnitPrice($)
UnitPrice($)
Furniture
2010(Po)
2015(Pt)
DiningRoomTables
900
1,300
Sofas
500
700
EntertainmentCenters
1,200
1,640
?
a.
Computeanunweightedaggregatepriceindex.Let2010bethebaseperiod.
b.
InterpretthemeaningofthevaluethatyoufoundinParta.
ANSWER:
?
a.
140
b.
Thepricesoftheitemsmentionedhaveincreasedby40%between2010and2015(notconsideringthevolumeofsales).
49.
AnelectronicsandappliancestoresellsthreedifferentbrandsofDVDrecorders.ThethreebrandssoldbythestoreareBrandA,BrandB,andBrandC.Theunitpricesfortheyears2010and2015,withthevolumeofsales(unitssold)for2010,aregivenbelow.
UnitPrice($)
UnitPrice($)
UnitsSold
DVDRecorder
2010(Po)
2015(Pt)
2010
BrandA
700
900
200
BrandB
500
600
300
BrandC
300
420
500
?
a.
ComputeanunweightedaggregatepriceindexforDVDrecorderswith2010asthebaseperiod.
b.
Computeaweightedaggregatepriceindex(Laspeyresindex)for2015with2010asthebaseperiod.
ANSWER:
?
a.
128
b.
129.545
50.
Apetstorespecializesinbreedingandsellingsmalldogs.Belowyouaregiventhepricestheychargedforvariousbreedsin2010(baseperiod)and2015(currentperiod),withtheassociatednumberofdogssoldin2015(currentperiod).
UnitPrice($)
UnitPrice($)
NumberSold
DogBreed
2010
2015
2015
Chihuahua
325
350
30
YorkshireTerrier
450
500
20
Pomeranian
275
325
10
Dachshund
200
225
40
?
a.
Computeanunweightedaggregatepriceindexfor2015using2010asthebaseperiod.
b.
Computeaweightedaggregatepriceindex(Paascheindex)for2015.
ANSWER:
?
a.
112
b.
111(Rounded)
51.
Thetablebelowgivesthepricesoffouritems—A,B,C,andD—soldatastorein2010and2015.
Item
Price
2010
Price
2015
Quantity
2010
Quantity
2015
A
$45
$10
900
850
B
65
30
1,900
5,100
C
90
50
500
3,200
D
275
90
50
225
?
a.
Using2010asthebaseyear,calculatethepricerelativeindexforthefouritems.
b.
Calculateanunweightedaggregatepriceindexfortheseitems.
c.
FindtheLaspeyresweightedaggregateindexfortheseitems.
d.
FindthePaascheindexfortheseitems.
e.
Constructaweightedaggregatequantityindexusing2010asthebaseyearandpriceastheweight.
ANSWER:
?
a.
22.22,46.15,55.56,32.73
b.
37.89
c.
42.87
d.
47.49
e.
323.06
52.
Youaregiventhefollowinginformationregardingfouritems.
Item
2010Price
2010Quantity
2015Price
2015Quantity
A
$2.00
3
$5.75
8
B
0.80
20
1.25
10
C
22.00
4
35.00
3
D
7.00
2
15.00
1
?
a.
Calculatethepricerelativeindexforeachitem,using2010asthebaseyear.
b.
Calculatetheunweightedaggregatepriceindex.
c.
CalculateaLaspeyresindex.
d.
CalculateaPaascheindex.
e.
Constructaweightedaggregatequantityindexusing2010asthebaseyearandpriceastheweight.
ANSWER:
?
a.
287.5,156.25,159.091,214.286
b.
179.245
c.
171.169
d.
184.021
e.
78.226
53.
Considerthefollowinginformation.
Item
2010Price
2010Quantity
2015Price
2015Quantity
A
$0.25
210
$0.37
210
B
0.87
2
1.15
2
C
10.00
4
15.00
4
D
0.35
35
0.60
35
?
a.
Computethepricerelativeindexfor2015using2010asthebaseyear.
b.
Computetheunweightedaggregatepriceindex.
c.
ComputetheLaspeyresindex.
d.
ComputethePaascheindex.
e.
CommentonyouranswersforPartscandd.
ANSWER:
?
a.
148,132.184,150,171.429
b.
149.259
c.
151.188
d.
151.188
e.
Theyarethesamesincequantityisthesameforbothyears.
54.
ConsiderthefollowinginformationregardingitemsA,B,C,andD.
Item
2010Price
2010Quantity
2015Price
2015Quantity
A
$2.50
14
$4.65
19
B
1.00
12
1.25
12
C
0.75
1
3.50
2
D
10.00
1
25.00
3
?
a.
Computethepricerelativeindexfor2015using2010asthebaseyear.
b.
Computetheunweightedaggregatepriceindex.
c.
ComputetheLaspeyresindex.
d.
ComputethePaascheindex.
e.
Constructaweightedaggregatequantityindexusing2010asthebaseyearandpriceastheweight.
ANSWER:
?
a.
186,125,466.667,250
b.
241.404
c.
188.052
d.
203.681
e.
157.576
55.
Belowyouaregiventhepriceofcoffee
inpoundsfrom2010to2014andtheconsumerpriceindexwitha2010base.
Yea
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