The table below shows data for the Consumer Price Index (CPI) for the United States. The base year is the period 1982-84. CPI data Year CPI 2015 310 2016 330 2017 335 2018 331 2019 359 2020 361 2021 368 Suppose nominal wages remain unchanged over the seven-year period in the table. From 2017 to 2018, the economy saw [direction] prices and a(n) [purchp] in purchasing power. This is due to [result].

The table below shows the supply and demand schedules for the market for beer. The market for beer Price ($ per beer) Quantity Demanded Quantity Supplied 6 32 18 7 26 26 8 20 34 9 14 42 10 8 50 Identify the market equilibrium price $ [price] per beer and quantity [quantity] beers. At what price(s) would there be a surplus in the market for beer? [surplus].

One reason the demand for laptop computers might increase is a

How are final goods and services valued when measuring nominal GDP?

Suppose that people decide riding scooters is no longer fun. The equilibrium price of a scooter ________, and the equilibrium quantity of scooters

The question “Should economics majors or sociology majors earn more after they graduate?” is an example of a ________ question.

The table below shows data for the Consumer Price Index (CPI) for the United States. The base year is the period 1982-84. The inflation rate from 2008 to 2009 is _____ %. Round to two decimal places. CPI data Year CPI 2005 195 2006 201 2007 207 2008 215 2009 214 2010 218 2011 225

The next few questions are on international trade.

Match the scenario with the appropriate test.

The fundamental force that generates international trade is