-The Data in the Table Above Show the Consumption by Families

question 54

Multiple Choice

-The data in the table above show the consumption by families in a small (poor) economy.The families consume only salt and bread.The reference base period is 2011.The cost of the CPI market basket in 2012 is

• A)$8.50.
• B)$64.00.
• C)$5.00.
• D)$52.00.
• E)Unable to be calculated because information is needed about the quantities purchased in 2010.

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Definitions:

Consumer Surplus

The gap in the aggregate amount consumers are willing and can afford to pay for a service or good versus the aggregate amount paid.

Football Stadium

A large venue designed to host football games along with a wide range of sports and entertainment events.

Consumer Surplus

The variance between a consumer's willingness to pay for a service or product and the actual amount paid for it.

Cotton T-shirts

Garments made from the soft fibers of the cotton plant, noted for their comfort and breathability.