The Consumer Price Index for Planet Econ Consists of Only

question 70

Multiple Choice

The consumer price index for Planet Econ consists of only two items: books and hamburgers. In 2015, the base year, the typical consumer purchased 10 books for $20 each and 200 hamburgers for $1 each. In 2017, the typical consumer purchased 12 books for $23 each and 300 hamburgers for $1.15 each. The consumer price index for 2017 on Planet Econ equals:

• A)1.00
• B)1.15
• C)1.25
• D)1.45

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Definitions:

Cooperative Factories

Manufacturing establishments run by a collective group of workers who share the profits and management responsibilities.

Seventeenth Amendment

An amendment to the U.S. Constitution, ratified in 1913, that established the direct election of U.S. senators by popular vote, replacing their previous selection by state legislatures.

Direct Election

A system of choosing political officials where voters directly cast ballots for the persons or party candidates they desire to see in office, without the intervention of electors or intermediaries.

State Legislatures

State legislatures are the lawmaking bodies within each of the fifty states in the United States, responsible for creating state laws, determining state budgets, and serving as a check on the executive power of the state governor.