TABLE 16-15
Given Below Are the Prices of a Basket

question 94

Short Answer

TABLE 16-15
Given below are the prices of a basket of four food items from 1996 to 2000.
$$\begin{array} { l c c c c } \hline \text { Year } & \begin{array} { c } \text { Wheat } \\( \$ / \text { Bushel } )\end{array} & \begin{array} { c } \text { Corn } \\( \$ / \text { Bushel } )\end{array} & \begin{array} { c } \text { Soybeans } \\( \$ / \text { Bushel } )\end{array} & \begin{array} { c } \text { Milk } \\( \$ / \text { hundredweight) }\end{array} \\\hline 1996 & 4.25 & 3.71 & 7.41 & 15.03 \\1997 & 3.43 & 27 & 7.55 & 13.63 \\1998 & 2.63 & 23 & 6.05 & 15.18 \\1999 & 2.11 & 1.97 & 4.68 & 14.72 \\2000 & 2.16 & 1.9 & 4.81 & 12.32\end{array}$$
-Referring to Table 16-15, what is the unweighted aggregate price index for the basket of four food items in 1999 using 1996 as the base year?

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Definitions:

Raw Materials

Natural resources or substances used in the primary production or manufacturing of goods.

Post-Fordism

An economic and social system that emerged in the late 20th century, characterized by more flexible production methods, workforce strategies, and a shift from mass production to customized goods.

Diffusion Of Capitalism

Refers to the spread of capitalist structures and market-oriented economic systems across different countries and regions over time.

Proletariat

The class of wage-earners in a capitalist society whose only significant material value is their labour-power.