Suppose the Price of a Gallon of Ice Cream Rises

question 54

Multiple Choice

Suppose the price of a gallon of ice cream rises from $4 to $5 and the price of a can of coffee rises from $2 to $2.50.If the CPI rises from 150 to 177,then people likely will buy

• A)more ice cream and more coffee.
• B)more ice cream and less coffee.
• C)less ice cream and more coffee.
• D)less ice cream and less coffee.

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Definitions:

Legal Obligation

A duty bound by law that requires an individual or entity to act or refrain from acting in a certain way.

Family Heirloom

A valuable object that is passed down from generation to generation within a family, often carrying sentimental value.

Natural Resource Development

The process of cultivating, extracting, and managing natural resources such as minerals, oil, and timber for economic gain.

Environmental Protection

Measures and policies aimed at the preservation of natural resources and prevention of pollution to safeguard the environment for future generations.