Table 24-7

question 343

Multiple Choice

Table 24-7. The table below applies to an economy with only two goods - hamburgers and hot dogs. The fixed basket consists of 4 hamburgers and 8 hot dogs.
-Refer to Table 24-7. Which of the following scenarios is consistent with this statement? "The rate of inflation was 23.75 percent for 2011."

• A)The price of a hot dog was $2.44 rather than $3.30 in 2010, with other prices in the table remaining fixed.
• B)The price of a hot dog was $4.22 rather than $3.63 in 2011, with other prices in the table remaining fixed..
• C)The price of a hamburger was $3.80 rather than $5.50 in 2010, with other prices in the table remaining fixed.
• D)The price of a hamburger was $6.60 rather than $5.61 in 2011, with other prices in the table remaining fixed.

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Definitions:

Social Mobility

The movement of individuals, families, or groups within or between social strata in a society, often reflecting changes in occupation, wealth, or status.

Collectivism

Putting group goals ahead of personal goals and defining one’s identity in terms of the groups to which one belongs.

Individualism

Putting personal goals ahead of group goals and defining one’s identity in terms of personal attributes rather than group memberships.

Graduate School

Graduate school is an advanced program of study focused on a particular academic discipline or profession, typically following the completion of an undergraduate degree.