Suppose a Basket of Goods and Services Has Been Selected

question 177

Multiple Choice

Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been selected as the base year.In 2012,the basket's cost was $50;in 2014,the basket's cost was $51;and in 2016,the basket's cost was $52.The value of the CPI in 2014 was

• A)98.0.
• B)102.0.
• C)104.0.
• D)151.0.

Understand who consumes mass and high culture and the societal implications of these consumptions.

Grasp the fundamental processes and elements that characterize human cultural experience.

Recognize the importance and functions of culture in human societies.

Identify the role of symbols in culture and the process of abstraction in creating concepts.

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Definitions:

Marginal Land

Land that produces little yield or economic value due to poor quality, location, or other factors, making it the least productive for agricultural use.

Rents

Payments made periodically by a tenant to a landlord in exchange for the use of land, a building, or other property.

Supply of Loanable Funds

The total amount of funds that lenders are willing to loan at a given interest rate in an economy.

Elastic

Describes a situation in economics where the quantity demanded or supplied of a good changes significantly in response to changes in its price.