The consumer price index for Planet Econ consists of only two items: books and hamburgers.In 2010, the base year, the typical consumer purchased 10 books for $25 each and 25 hamburgers for $2 each.In 2015, the typical consumer purchased 15 books for $30 each and 30 hamburgers for $3 each.The consumer price index for 2015 on Planet Econ equals:
A) 1.00
B) 1.15
C) 1.25
D) 1.45
Correct Answer:
Verified
Q6: A consumer expenditure survey reports the following
Q8: The typical family on the Planet Econ
Q9: The CPI is a measure of the:
A)real
Q9: The typical family on the Planet Econ
Q10: A measure of the average price of
Q10: A consumer expenditure survey reports the following
Q11: Suppose that the total expenditures for a
Q32: A price index measures:
A)the price of specific
Q38: The inflation rate can be calculated as
Q39: The CPI in year one equaled 1.45.
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