Table 24-7

question 71

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 cost of living increased by 25 percent between 2009 and 2011."

• A)The price of a hot dog was $2.24 rather than $3.00 in 2009, with other prices in the table remaining fixed.
• B)The price of a hot dog was $4.07 rather than $3.63 in 2011, with other prices in the table remaining fixed..
• C)The price of a hamburger was $4.24 rather than $5.00 in 2009, with other prices in the table remaining fixed.
• D)The price of a hamburger was $5.96 rather than $5.61 in 2011, with other prices in the table remaining fixed.

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Definitions:

Payoff

The return or reward resulting from an action or investment, which can be in the form of profit, benefit, or satisfaction.

Emotional Intelligence

The capacity to identify, comprehend, and control our personal emotions, as well as to identify, comprehend, and impact the emotions of other people.

Richard Boyatzis

A distinguished professor known for his work in emotional intelligence, behavior change, and competence.

Defensive Behavior

Actions or reactions aimed at protecting oneself from perceived threats or criticism.