John believes that when the price of a good increases people will purchase more of the good. This statement is
A) consistent with the law of demand.
B) inconsistent with the law of demand.
C) referring to money prices.
D) consistent with the law of supply.
B
Economics
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If the price of a soda was 15 cents in 1970, when the CPI was 50, and 50 cents in 2007 when the CPI was 172, then the real price of
A) a soda has risen 567 percent. B) a soda has risen 350 percent. C) the 1970 soda in 2007 dollars is 52 cents. D) the 2007 soda in 1970 dollars is $3.44. E) the soda was 15 cents in 1970 and 50 cents in 2007.
Economics
What is the CPI and how is it calculated?
What will be an ideal response?
Economics