If the Price of a Soda Was 15 Cents in 1970,when

question 210

Multiple Choice

If the price of a soda was 15 cents in 1970,when the CPI was 50,and 50 cents in 2007,when the CPI was 172,then

• A)prices on average have increased 567 percent.
• B)prices on average have increased 244 percent.
• C)the price of the soda was greater in real value in 1970 than in 2007.
• D)the price of a soda has increased a greater percentage than the CPI.
• E)the real price of a soda is the same in 1970 and 2007.

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Definitions:

U.S. Bureau of Census

The U.S. Bureau of Census is a federal agency responsible for collecting and analyzing data about the population, economy, and communities in the United States.

Negative Income Tax

A fiscal mechanism designed to provide income to individuals or families whose earnings fall below a certain level, effectively supplementing their income through a government subsidy.

Taxes Owed

The amount of money that an individual, corporation, or other entity is legally obligated to pay to governmental authorities, typically calculated based on income, property value, or consumption.

Income Subsidy

A monetary assistance provided by the government to individuals or groups to increase their income level, often aimed at reducing poverty.