There are separate CPIs for various components of the market basket. For example

Question

There are separate CPIs for various components of the market basket. For example, the CPI for Cable TV (1982-84=100) was 200.7 in 1996.

If there were adjustments in the Cable TV index due to quality improvements (e.g., more channels now than in 1984), would the increase to Cable TV rates be greater, smaller, or the same as in the previous question?
Answer
greater
smaller
the same
could be either greater or smaller
the question doesn’t make sense

The Internal Revenue Services examines an SRS of income tax returns. Because of the shape of the distribution, you would describe this distribution numerically by giving
Answer
the mean and standard deviation
the correlation coefficient
incomes in real terms, using the CPI
the standard deviation and the correlation
the five-number summary

Athletes make more now, but prices are also higher than in the past. In 1995, the basketball player Glenn Robinson signed a contract for $68 million. How much is this in 1975 dollars? (The CPI was 53.8 in 1975 and 152.9 when Robinson signed)
Answer
about $193 million
about $85 million
about $68 million
about $24 million
about $14 million

Explanation / Answer

1. five-number summary 2. about $24 million

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