Table 20-11
-Refer to Table 20-11. Suppose an economy has only three goods and the typical family purchases the amounts given in the table above. If 2005 is the base year, then what is the CPI for 2013?
Definitions:
Distortions
Refers to alterations or imperfections in economic market conditions that lead to inefficient resource allocation and outcomes.
Consumption
Spending by households on goods and services, with the exception of purchases of new housing.
Money Balances
The total amount of money held by individuals or entities in the form of cash or bank deposits.
Wealth Redistribution
The transfer of income and wealth from some individuals to others by means of a social mechanism such as taxation, public services, or welfare.
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