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Exam 20: Index Numbers

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Question 1

Multiple Choice

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Exhibit 17-1 You are given the following information about items A, B, C, and D. -Refer to Exhibit 17-1. The weighted aggregate price index in 2010 is

A) 1.084
B) 92.292
C) 108.352
D) 109.203

E) C) and D)
F) A) and B)

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Question 2

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Dow Jones averages are aggregate price indexes reflecting the prices of stocks listed on the

A) American Stock Exchange
B) NASDAQ Exchange
C) New York Stock Exchange
D) Tokyo Stock Exchange

E) B) and D)
F) All of the above

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Question 3

Multiple Choice

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Exhibit 17-4 -Refer to Exhibit 17-4. The Laspeyres index in 2010 is (rounded)

Exhibit 17-3 You are given the following information about items A, B, C, and D. -Refer to Exhibit 17-3. The Laspeyres index in 2010 (rounded) is

You are given the following information regarding four items. a.Calculate the price relative index for each item, using 2005 as the base year. b.Calculate the unweighted aggregate price index. c.Calculate a Laspeyres index. d.Calculate a Paasche index. e.Construct a weighted aggregate quantity index using 2005 as the base year and price as the weight.

A price index for a given item which is computed by dividing a current unit price by a base-period unit price and multiplying the result by 100 is known as the

Exhibit 17-4 -Refer to Exhibit 17-4. The unweighted aggregate price index in 2010 is (rounded)

The table below gives the prices of four items-A, B, C, and D-sold at a store in 2005 and 2010. a.Using 2005 as the base year, calculate the price relative index for the four items. b.Calculate an unweighted aggregate price index for these items. c.Find the Laspeyres weighted aggregate index for these items. d.Find the Paasche index for these items. e.Construct a weighted aggregate quantity index using 2005 as the base year and price as the weight.

The prices of a college Statistics workbook for the years 2008 through 2013 are shown below. a.Determine the price relatives for the years 2008 through 2013. Let 2008 be the base period. b.Interpret the meaning of the price relative for 2009.

Exhibit 17-4 -Refer to Exhibit 17-4. The price relative for item A in 2010 (with 2005 as the base year) is (rounded)

The prices of 3 products for the years 2005 and the number of units sold in 2005, as well as prices for 2010 are shown below. Compute a weighted aggregate price index (Laspeyres index) for 2010 with 2005 as the base period.

The Laspeyres index is a weighted aggregate price index where the weight for each item is its

The consumer price index is

A quantity index which is designed to measure changes in the physical volume of production levels of industrial goods over time is the

The reason why weights are used in an aggregate index is to

Consider the following information regarding items A, B, C, and D. a.Compute the price relative index for 2010 using 2005 as the base year. b.Compute the unweighted aggregate price index. c.Compute the Laspeyres index. d.Compute the Paasche index. e.Construct a weighted aggregate quantity index using 2005 as the base year and price as the weight.

Exhibit 17-1 You are given the following information about items A, B, C, and D. -Refer to Exhibit 17-1. The unweighted aggregate price index in 2010 is

The value given to a base-period price is

Exhibit 17-2 You are given the following information about items X, Y, and Z. -Refer to Exhibit 17-2. The unweighted aggregate price index for 2010 is

The prices of an item for the years 2005 through 2010 are given below. Let 2005 be the base and compute the price relatives for the years 2005 through 2010.