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Introduction to Economics💰
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The following table shows the relative weights (as a percentage) of the different items appearing in the CPI basket of goods & services for all of Canada, for Quebec and for Ontario.
| Canada | Quebec | Ontario | |
|---|---|---|---|
| Food | 16.9 | 17.7 | 14.7 |
| Shelter | 26.7 | 24.0 | 28.7 |
| Household Operations & Furnishings | 10.6 | 10.3 | 10.7 |
| Clothing & Footwear | 5.4 | 5.7 | 5.6 |
| Transportation | 19.8 | 19.1 | 18.7 |
| Health & Personal Care | 4.5 | 6.7 | 4.5 |
| Recreation, Education, Reading | 12.0 | 12.5 | 14.1 |
| Alcoholic Beverages & Tobacco Products | 4.1 | 4.0 | 3.0 |
| Total | 100 | 100 | 100 |
| Source: Statistics Canada Cansim: 326-0031 |
According to the CPI basket, who on average spends a larger share of their budget on food: people in Quebec or people in Ontario?
In Canada, there are three principal State pension schemes: CPP (RRQ in Quebec), OAS and GIS. Payments to pensioners under all three of these schemes are indexed to the CPI. This means that the pension income is adjusted with the inflation rate.
The result of this is that:
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Economists prefer to measure values in real terms. This means taking into account price changes from year to year. So they adjusting for inflation. This way they can compare the earnings from one year to another.
By the measure of economists, and considering inflation, which movie has made the fifth highest amount of Lifetime Adjusted Grosses of ticket sales?
Answer:
Hint: You should look at the table on this link.
If the sales are not adjusted for inflation, it is called nominal terms. That is the simple dollar from the year of sales. Which movie has made the third highest amount of nominal Lifetime Gross of ticket sales in the US?
Answer: Hint: Choose Actuals in the drop-down menu on the top of the page.
For the questions on this page, you should consult this page.
Economists prefer to measure values in real terms. This means taking into account price changes from year to year. So they adjusting for inflation. This way they can compare the earnings from one year to another.
By the measure of economists, and considering inflation, which movie has made the second highest amount of Lifetime Adjusted Grosses of ticket sales?
Answer:
Hint: You should look at the table on this link.
We can conclude that price controls harm the very groups that they were intended to serve.
A price ceiling is:
We can conclude that price ceilings benefit the sellers because they raise the price.
We can conclude that price ceilings benefit the buyers because they lower the price.
We can conclude that price controls are neither beneficial nor harmful because they don't cause any effective change in the market.