Macroeconomics: Nominal figures to real figures. 11 questions multiple choice

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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.

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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.

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Edit View History Bookmarks People Window Help M 多 U.S. 100% apter 25 Application X SAsk a new question - Studypo X https://gcc.instructure.com/courses/10944/quizzes/22811/take $34,567.89 Question 3 0.27 pts Given the 1980 real wage in 2016 dollars calculated in the previous question, what is the change in the real wage between 1980 and 2016? Note: (round to the second decimal) 8.4576 -7.4296 9.000 G-9.00% Question 4 0.27 pts The following table has the same information from the previous table, but the CPI that has been adjusted to reflect the Boskin Commission's conclusion that the CPI was overstating inflation and the true inflation rate is 1.1 percentage points less than the previously published figures. Use this information to calculate the real wage in 2016 dollars for the previous years: Year Nominal Wage CPI Real Wage (2016 Dollars) 1980 60825 ...docx IRAC-3.pptx 28 ))) 9 * SPA IN MacBook Air View History Bookmarks People Window Help U.S. 100% LE 25 Application X S Ask a new question - Studypo X Itps://gcc.instructure.com/courses/10944/quizzes/22811/take Question 2 0.27 pts Year Nominal Wage CPI Real Wage (2016 Dollars) 1980 13,832 86.400 1986 17,888 110.800 1992 20,956 142.300 1998 24,908 164.400 2004 29,848 191.700 2010 32,552 220.472 2016 35,984 242.821 35,984 Question: Given the adjustment factor calculated in the previous question, what is the 1980 real wage in 2016 dollars? $30,2349746 $38.807.92 $34.567189 .docx IRAC-3 pptx 30 28 33 600 * S/ 1 MacBook Air View History Bookmarks People People Window Help * - U.S. 100% G2 The er 25 Application Ex S Ask a new question - Studypo X https://gcc.instructure.com/courses/10944/quizzes/22811/take Question 9 0.27 pts The following table lists the current average Social Security benefit for retired workers in 2017 and projected Social Security benefits into the year 2027, based off 0.9% cost-of-living adjustments (COLAs) that are based on an inflation rate that is reduced by 1.1 percentage points according to the Boskin Commission recommendations. Fill in and solve the blank spaces in the table. COLA @0.9% Year Social Security Benefit+COLA Social Security Benefit $16,524.00 2017 $148.72 2018 S150.05 $16.822.77 2019 $16,822.77 $151.40 $16.974.18 2020 $16,974.18 $17,126.94 $154.14 2021 2022 $17,281.09 $155.53 $17.436.62 2023 $17.436.62 517 593.54 2024 $17,593.54 S158.34 $17,751.89 2025 $17,751.89 $159.77 2026 $161.20 $18,072.86 2027 $18,072.86 162.66 Question: What will the Social Security benefit be at the end of 2027 after the 0.9% COLA is included? $17.751.89 $18.235.51 $18.072.86 docx IRAC-3.pptx . 3 28 = 069* s MacBook Air it View History Bookmarks People Window Help U.S. 100% G2 ter 25 Application x S Ask a new question - Studypo X https://gcc.instructure.com/courses/10944/quizzes/22811/take 1.909 2.345 @ 1.809 2.890 Question 5 0.27 pts Given the Boskin adjusted 1980 real wage in 2016 dollars calculated in the previous question, what is the change in the real wage between 1980 and 2016? Note: (round to the second decimal) -3.6798 40.786 36:28245 Question 6 0.27 pts How would the 1.1 percentage point reduction in the cel inflation rate revise or change the rate of real wage growth in the United States over the previous decades? docx *** IRAC-3.pptx 28 © 1) * S MacBook Air Edit View History Bookmarks People Window Help * U.S. 100% 42 apter 25 Application : x SAsk a new question - Studypo X | https://gcc.instructure.com/courses/10944/quizzes/22811/take The following table has the same information from the previous table, but the CPI that has been adjusted to reflect the Boskin Commission's conclusion that the CPI was overstating inflation and the true inflation rate is 1.1 percentage points less than the previously published figures. Use this information to calculate the real wage in 2016 dollars for the previous years: Year Nominal Wage CPU Real Wage (2016 Dollars) 1980 13,832 60.825 1986 17,888 173.191 1992 20,956 881202 1998 24.908 1941463 2004 29,848 104.393 2010 32,552 112.524 2016 35,984 116.096 35.984 Question: What is the adjustment factor based on the Boskin recommended data, or the ratio of CPI(2016) to CPI(1980)? note: (round to the third decimal). 1.909 2.345 1 809 2.890 ..docx IRAC-3.pptx MO 2 o 28 0 0 ))) 69ť s MacBook Air
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