According to the table shown, what can be said about the cost of living in 2011?
A. It increased 5.3 % from the previous year, and consumers were worse off if their nominal income did not change.
B. It increased by 5.0 % from the previous year, and consumers were better off if their nominal income did not change.
C. It is the base year, so no comparisons can be made in this year.
D. It is the base year, so the cost of the basket of goods did not change.
A. It increased 5.3 % from the previous year, and consumers were worse off if their nominal income did not change.
You might also like to view...
Suppose that two countries, A and B, employ the same technology in the production of a good. External economies of scale apply in both countries
Analyze the effects of trade on long-run production levels if country A has a comparatively lower cost of production when trade begins.
If a firm is unable to distinguish different customer groups
A) it will not use product differentiation. B) it will be unable to maximize profits. C) it will find the quantity to product indeterminate. D) it might use a product line extension.