Pasadena City College Business Cycles, Unemployment and Inflation Questions

Question Description

Unit 3:Business Cycles, Unemployment, and Inflation

SHORT ANSWERS

1. According to the BLS, the annual average price index for 2016 was 240 and 237 for 2015. What is the inflation rate between these two years, and how do you interpret this? Use complete sentences.

2. What is the difference between the CPI and the GDP Deflator? Use complete sentences.

3. Review this article: What is core inflation, and why do economist use it instead of overall or general inflation to track changes in the overall price level?[1]

https://www.frbsf.org/education/publications/docto…

Whats the difference between the core rate of inflation and CPI based inflation rate?

4. Locate the Consumer Price Index August 2020 publication.

Helpful Tip: You can find the answers to the questions below in the first two pages of the publication.

What happened to the CPI inflation rate in March, April, and May 2020? Why do you think this happened?
What happened to the core rate of inflation in March, April, and May 2020? Why do you think this happened?

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