Table 16-12

question 209

Multiple Choice

Table 16-12.Will's expenditures on food for three consecutive years,along with other values,are presented in the table below.

-Refer to Table 16-12.Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,670.Then

• A) the consumer price index was 11.8 percent higher in 2011 than it was in 2009.
• B) the inflation rate in 2011 was 8 percent.
• C) Will's 2011 food expenditures in 2009 dollars amount to $5,740.
• D) Will's 2010 food expenditures in 2011 dollars amount to $6,210.

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Definitions:

19th Century

The period from January 1, 1801, through December 31, 1900, marked by industrial, cultural, and political changes worldwide.

Inflation

The economic condition characterized by an increase in prices and fall in the purchasing value of money.

Real Wages

Wages adjusted for inflation, representing the purchasing power of income earned from work.

Workers

Individuals engaged in various occupations, typically employed to perform specific tasks or services in exchange for compensation.