Refer to Table 12.2 for the Following Questions

question 4

Multiple Choice

Refer to Table 12.2 for the following questions.
Table 12.2

-Refer to Table 12.2.Calculate the rate of increase in the price level from 2012 to 2013.

• A) 8.6 per cent
• B) 7.9 per cent
• C) -7.9 per cent
• D) -8.6 per cent

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of individuals increases, in contrast to normal goods.

Rational Consumer

An economic concept where consumers aim to maximize their utility or satisfaction from their available resources.

Demand for Good

The quantity of a particular good or service that consumers are willing and able to purchase at various prices during a specified time period.

Square Feet

A unit of area measurement equivalent to the area of a square with sides of one foot in length.