If the Market Basket of Goods and Services on Which

question 146

Short Answer

If the market basket of goods and services on which the CPI is based is $15,000 in the base year and $45,000 in the current year,the level of the CPI in the current year is ____.

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Definitions:

Distribution of Income

The way in which a nation’s total earnings are divided among its population, affecting economic inequality and standard of living.

Wealthiest 1%

Refers to the segment of the population that holds a disproportionate share of the wealth, often highlighted in discussions of income and wealth inequality.

Banks Failed

The occurrence when financial institutions are unable to meet their obligations to depositors or creditors, often leading to a loss of public confidence and financial instability.

Electric Shock

A sudden discharge of electricity through a part of the body, causing injury or muscular spasm.