Table 24-2 The following table pertains to Wrexington, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys. Year Price of Meat (Dollars per pound) Price of a Toy (Dollars per toy) 1 3 2 2 1 7 3 4 5 Refer to Table 24-2. If the base year is Year 1, then the CPI in Year 2 was a. 90. b. 88.9. c. 112.5. d. 100.
Table 24-2 The following table pertains to Wrexington, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys. Year Price of Meat (Dollars per pound) Price of a Toy (Dollars per toy) 1 3 2 2 1 7 3 4 5 Refer to Table 24-2. If the base year is Year 1, then the CPI in Year 2 was a. 90. b. 88.9. c. 112.5. d. 100.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
Problem 9WNG
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Table 24-2
The following table pertains to Wrexington, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys.
Year |
Price of Meat (Dollars per pound) |
Price of a Toy (Dollars per toy) |
1 | 3 | 2 |
2 | 1 | 7 |
3 | 4 | 5 |
Refer to Table 24-2. If the base year is Year 1, then the CPI in Year 2 was
a.
90.
b.
88.9.
c.
112.5.
d.
100.
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