If the Total Expenditures of a Typical Family Were $35,000

question 88

Multiple Choice

If the total expenditures of a typical family were $35,000 per year in 2008 and the exact same basket of goods and services cost $40,000 in the year 2012,the family's cost of living

• A) increased by 14%.
• B) decreased by 14%.
• C) increased by 12.5%.
• D) decreased by 12.5%.
• E) was unchanged.

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Definitions:

Ordinal

Relating to a category of data measurement levels that reflects the order of the values, but not the difference between them.

In-Basket Tests

A simulation exercise used in assessments whereby candidates prioritize and respond to a series of business-related tasks or emails.

Cognitive Ability

The capacity of an individual to perform mental processes like learning, reasoning, problem-solving, and decision making.

Defamation

A legal term for any false communication, either written or spoken, that harms a person's reputation; decreases the respect, regard, or confidence in which a person is held; or induces disparaging, hostile, or disagreeable opinions or feelings against a person.