In 2011,apples Cost $1

question 77

Multiple Choice

In 2011,apples cost $1.49 a pound.Suppose the CPI was 120 in 2011 and 140 in 2012.If there is no change in the real price of an apple in 2012,what is the price of a pound of apples in 2012?

• A)$2.74
• B)$1.69
• C)$1.66
• D)$1.74
• E)$1.28

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Definitions:

Special Order

A customer order for a product or service that is not normally produced or offered, often requiring unique specifications.

Fixed Overhead

The costs associated with running a business that do not vary with the level of production or sales, such as rent, salaries, and insurance.

Variable Overhead

Costs that vary with the level of production or business activity, such as utilities or materials, in contrast to fixed overhead costs.

Direct Labor

The wages or costs associated with workers who are directly involved in the manufacturing or production of goods or services.