The Table Shows the Prices and the Quantities Consumed in Carnivore

question 41

Multiple Choice

The table shows the prices and the quantities consumed in Carnivore Country. The base year is 2013. This means that 2013 is the year the typical basket was determined so the quantities consumed in 2013 are the only quantities needed to calculate the CPI in each year. ?

$\begin{array}{l}\text { Table }\\\begin{array}{|c|c|c|c|c|}\hline \text { Year } & \begin{array}{c}\text { Price of } \\\text { beef }\end{array} & \begin{array}{c}\text { Quantity of } \\\text { beef }\end{array} & \begin{array}{c}\text { Price of } \\\text { pork }\end{array} & \begin{array}{c}\text { Quantity of } \\\text { pork }\end{array} \\\hline 2013 & € 2.00 & 100 & € 1.00 & 100 \\\hline 2014 & 2.50 & 90 & 0.90 & 120 \\\hline 2015 & 2.75 & 105 & 1.00 & 130 \\\hline\end{array}\end{array}$
Refer to the table above. What is the value of the basket in the base year?

• A) €55
• B) €300
• C) €333
• D) €418.75
• E) €459.25

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Definitions:

Production Technology

Production technology encompasses the methods, equipment, and processes used to produce goods and services, focusing on increasing efficiency and reducing production costs.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing and able to supply at that price.

Price Of Corn

The cost at which corn is bought and sold in the market, influenced by factors like demand, supply, and agricultural conditions.

Supply Of Ethanol

Refers to the total quantity of ethanol available in the market for consumption and use, influenced by production, demand, and government policies.