The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2004, pizzas cost $10 each, jeans cost $40 per pair, and milk cost $3 per gallon. In 2005, the price of pizzas went down to $8 each, while the prices of jeans and milk remained the same. Between 2004 and 2005, a typical family's cost of living:
A) increased by 4.5 percent.
B) decreased by 4.5 percent.
C) remained the same.
D) decreased by 20 percent.
Correct Answer:
Verified
Q2: A consumer expenditure survey reports the
Q3: Suppose that the total expenditures for a
Q4: The annual percentage rate of change in
Q5: If the total expenditures of a typical
Q7: The Consumer Price Index measures the cost
Q8: The measure of the cost of a
Q10: A measure of the average price of
Q23: The CPI in 1974 equaled 0.49. The
Q32: A price index measures:
A)the price of specific
Q39: The CPI in year one equaled 1.45.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents