Table 11-6 -Refer to Table 11-6

question 261

Multiple Choice

Table 11-6. The table below applies to an economy with only two goods - hamburgers and hot dogs. The fixed basket consists of 4 hamburgers and 8 hot dogs. $$\begin{array} { l c c } \hline \text { Year } & \text { Priee of hamburegers } & \text { Prife of hat doges } \\\hline 2009 & \$ 5.00 & \$ 3.00 \\2010 & 5.50 & 3.30 \\2011 & 5.61 & 3.63 \\\hline\end{array}$$
-Refer to Table 11-6. Which of the following scenarios is consistent with this statement? "The rate of inflation was 23.75 percent for 2011."

• A)The price of a hot dog was $2.44 rather than $3.30 in 2010, with other prices in the table remaining fixed.
• B)The price of a hot dog was $4.22 rather than $3.63 in 2011, with other prices in the table remaining fixed..
• C)The price of a hamburger was $3.80 rather than $5.50 in 2010, with other prices in the table remaining fixed.
• D)The price of a hamburger was $6.60 rather than $5.61 in 2011, with other prices in the table remaining fixed.

Distinguish between objective and subjective concepts in economics.

Understand the basic definitions and principles of economics including scarcity, economic change, and resource categorization.

Understand the concept of scarcity and its implications for economic decision-making.

Recognize the role of resources in economic activities and their categorization.

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Definitions:

Case Study Method

A research strategy that involves an in-depth investigation of a single subject, group, or event to explore causation in order to find underlying principles.

In-depth Investigation

A comprehensive and detailed examination of a subject or issue, aiming to uncover deeper insights or facts.

Naturalistic Observation Method

A research methodology where subjects are observed in their natural environment without any manipulation by the observer.

Careful Surveillance

The meticulous observation or monitoring of behaviors, activities, or information for the purpose of influence, management, or protection.