(Table) the Associated Table Provides a Hypothetical Bundle of Goods

question 28

Multiple Choice

(Table) The associated table provides a hypothetical bundle of goods and their respective prices for three different years. If 2014 is selected as the base year, the cost of the market basket in 2017 would be would be: $$\begin{array} { | l | c | c | c | c | c | c | } \hline \text { Product } & \mathbf { Q } _ { 2010 } & \mathbf { Q } _ { 2014 } & \mathbf { Q } _ { 2017 } & \mathbf { P } _ { 2010 } & \mathbf { P } _ { 2014 } & \mathbf { P } _ { 2017 } \\\hline \text { Apples (5-lb. bag) } & 10 & 11 & 12 & \$ 3.00 & \$ 4.00 & \$ 4.25 \\\hline \text { Coffee beans (1-lb. bag) } & 50 & 50 & 55 & \$ 8.00 & \$ 9.00 & \$ 10.00 \\\hline \text { Cereal (28-oz. box) } & 20 & 25 & 29 & \$ 3.50 & \$ 3.75 & \$ 3.75 \\\hline\end{array}$$

• A) $520.50.
• B) $587.75.
• C) $640.50.
• D) $651.75.

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Definitions:

Physiological Response

The body's automatic reactions that occur in response to a stimulus or change in the environment.

Psychological Response

An individual's behavioral or mental reaction induced by psychological or emotional factors, often a response to an external event or internal thought process.

Adaptation

The process by which organisms adjust to changes in their environment in order to survive and reproduce.

Social Readjustment Rating Scale (SRRS)

Holmes and Rahe's measure of stress, which ranks 43 life events from most to least stressful and assigns a point value to each.