Macroeconomics: Nominal figures to real figures. 11 questions multiple choice
Macroeconomics: Nominal figures to real figures. 11 questions multiple choice
Just answer the 11 questions. No explanation needed. Example: Number 1 is A. Thats all i need. Please have honest answers. Pictures of the questions are uploaded as files.
Below are 2 youtube videos that help with the problems.
Preface:
Boskin Commission Inflation Exercise
The Senate Finance Committee created the Boskin Commission in 1996, which consisted of five prominent economists, to report on any biases in the Consumer Price Index (CPI). The Boskin Commission concluded that the CPI overstated inflation by 1.1 percentage points, meaning that if the official CPI stated inflation rate was 3.0%, then the true rate of inflation was 1.9% (3.0%-1.1%) in the eyes of the Boskin Commission.The objective of this application exercise is to ascertain the implications of the Boskin Commission’s findings on real wages and Social Security benefits.
