Table 24-3 The Table Below Pertains to Iowan, an Economy in Which

question 320

Multiple Choice

Table 24-3
The table below pertains to Iowan, an economy in which the typical consumer's basket consists of 4 pounds of pork and 3 bushels of corn.
-Refer to Table 24-3. If 2013 is the base year, then the CPI for 2012 was

• A)75.3.
• B)100.0.
• C)116.0.
• D)132.8.

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Definitions:

Shifted

The movement of a supply or demand curve in a market due to changes in factors such as consumer preferences, production costs, or number of suppliers.

Corporate Income Tax

A tax imposed on the net income of a corporation that is derived from its business activities.

Shift

A change in the position of the supply curve or demand curve in a market, indicating a change in market conditions.

Efficiency Loss

The loss of economic efficiency in a market, which can occur due to various reasons, such as taxes, subsidies, or monopolies.