In 2013,the reference base period for the CPI for the nation of Webot,a typical consumer spent $30 on potatoes and $150 on steak.If the price of steak is $15 and the price of potatoes is $1 then there are ________ units of steak and ________ units of potatoes in the CPI market basket.

Question

Quizplus · Accepted Answer

The market basket consists of a typical consumer's spending in the reference base period. If the typical consumer spent $30 on potatoes at $1 each, then they bought 30 potatoes. If the typical consumer spent $150 on steak at $15 each, then they bought 10 steaks. Thus, the market basket consists of 30 units of potatoes and 10 units of steak. Therefore, the correct choice is B.

In 2013,the Reference Base Period for the CPI for the Nation