Suppose the Price of a Quart of Milk Rises from $1.00

question 30

Multiple Choice

Suppose the price of a quart of milk rises from $1.00 to $1.20 and the price of a T-shirt rises from $8.00 to $9.60. If the CPI rises from 150 to 195, then people likely will buy

• A)more milk and more T-shirts.
• B)more milk and fewer T-shirts.
• C)less milk and more T-shirts.
• D)less milk and fewer T-shirts.

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Definitions:

Bill of Rights

The first ten amendments to the United States Constitution, guaranteeing such rights as the freedoms of speech, assembly, and worship.

Slave Owners

Individuals or entities that held ownership and control over other individuals as property, typically in historical contexts related to forced labor and chattel slavery.

Southern Colonies

Refers to the group of English colonies in North America located in the south that included Maryland, Virginia, North and South Carolina, and Georgia.

Law

A system of rules that are created and enforced through social or governmental institutions to regulate behavior.