The following 4 questions (Q1 to Q4) are based on the following information:
You and your friends have decided to go to The Kentucky Derby. There are 13 horses in
the race. How many ways can the horses come in first, second, or third?
Steps for Calculation:
Q1: Is this an example of a combination or a permutation?
Q2: What is N?
Q3: What is r?
Q4: What is the calculated value for this example?
The following 4 questions (Q5 to Q8) are based on the following information:
You have 18 friends that you want to invite to dinner. However, your dining room table
only seats 6 people. Since, you will take up one seat, you can only have five friends at one time.
How many different groups of guests can you have?
Steps for Calculation:
Q5: Is this an example of a combination or a permutation?
Q6: What is N?
Q7: What is r?
Q8: What is the calculated value for this example?
The following 2 questions (Q9 to Q10) are either “True” or “False”
Q9: With a permutation ‘order matters’.
Q10: 5! is equal to 120.
Q11: Which one of the following is NOT one of the major uses of the CPI?
A. The CPI is used to evaluate and determine economic policy.
B. The CPI is used to compare prices in different years.
C. The CPI is used to determine salary and price adjustments.
D. All of the above three answers are major uses of the CPI.
Q12: Using the 1989 base as a base, the price index for computers is now 125. What does this
index number mean?
A. price of computers has decreased 25% since 1989
B. price of computers has increased 125% since 1989
C. price of computers has increased 25% since 1989
D. none of the above three answers are correct
Q13: A _____________ economic indicator is one whose changes lag behind or follow
changes in the economy.
Q14: Some criticisms of the CPI include all of the following except:
A. the market basket used in the CPI may not reflect current spending priorities
B. the CPI takes advantage of sale prices
C. the CPI does not adjust for changes in quality
D. the CPI does not measure prices for rural Americans
The following 2 questions (Q15 to Q16) are based on the following information:
The CPI’s at the start of each decade from 1940 to 1990 were:
Year 1940 1950 1960 1970 1980 1990
CPI 14.0 24.1 29.6 38.8 82.4 130.7
Q15: What was the rate of inflation for the 1950’s, as measured by the percentage change in
Q16: What was the rate of inflation for the 1960’s, as measured by the percentage change in
Q17: Name the major category added for the market basket of goods and services in 1998?
Q18: Tuition at University Z was $1100 per quarter in 1985 (CPI = 107.6). How much should
tuition be in 2001 adjusted for inflation (CPI = 175.1)?
The following 2 questions (Q19 to Q20) are either “True” or “False”
Q19: ‘Child care’ is one of the eight major categories of goods and services in the market
Q20: The current ‘base period’ that we are on is 1982-1984.
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