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:

Express Statements

Explicit and direct expressions or declarations made verbally or in writing.

Agent

An individual or organization empowered to represent another party (known as the principal) in transactions with third parties.

Principal

The original sum of money borrowed in a loan, or the amount of the investment before earnings or losses.

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior and ensure justice and order in society.