If All Prices, Including the Price of Beef, Increase by 3

question 5

Multiple Choice

If all prices, including the price of beef, increase by 3%, then the relative price of beef has ____ and there _____ inflation.

• A)increased; is
• B)increased; is no
• C)remained constant; is
• D)remained constant; is no

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Definitions:

Heterogeneity

The quality or state of being diverse in character or content; having a variety of different elements or components.

Self-Categorisation Theory

A social psychological theory that explains how and why individuals identify with specific social groups and behave according to that group membership.

Pluralistic Norm Theory

A theory suggesting that within a diverse society, multiple norms and values coexist and influence behavior.

Cultural Values Theory

The view that people in groups use members’ opinions about the position valued in the wider culture, and then adjust their views in that direction for social approval reasons.