The Typical Family on the Planet Econ Consumes 10 Pizzas

question 60

Multiple Choice

The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2016, pizzas cost $10 each, jeans cost $40 per pair, and milk cost $3 per gallon. In 2017, the price of pizzas went down to $8 each, while the prices of jeans and milk remained the same. Between 2016 and 2017, a typical family's cost of living:

• A)increased by 4.5 percent.
• B)decreased by 4.5 percent.
• C)remained the same.
• D)decreased by 20 percent.

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Definitions:

Stratification Theories

Theories that explain the layered or hierarchical organization of society into different social groups or classes, often focusing on issues of inequality and social mobility.

Middle Adulthood

Middle adulthood is a stage of life typically covering the ages of 40 to 65, characterized by stability, career satisfaction, and stronger focus on personal relationships.

Race Crossover

A demographic phenomenon where the mortality rates of African Americans surpass those of Whites at a certain age.

SES (Socioeconomic Status)

A measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.