In a simple economy,people consume only 2 goods,food and clothing.The market basket of goods used to compute the CPI consists of 50 units of food and 10 units of clothing.
a.What are the percentage increases in the price of food and in the price of clothing?
b.What is the percentage increase in the CPI?
c.Do these price changes affect all consumers to the same extent? Explain.
Definitions:
"g" Factor
A theoretical construct suggesting that a general intelligence factor underlies specific cognitive abilities.
Psychologist
A professional specializing in diagnosing and treating mental health issues, employing various therapeutic techniques to support emotional and mental well-being.
Howard Gardner's Theory
A theory of intelligence that differentiates it into specific 'modalities', rather than seeing intelligence as dominated by a single general ability.
Multiple Intelligences
A theory proposing that people have different kinds of intelligences, including linguistic, logical-mathematical, musical, bodily-kinesthetic, spatial, interpersonal, intrapersonal, and naturalist.
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