Last year you purchased 20 shirts at $15 apiece, 30 USBs at $12 each, and 5 sweaters at $25 apiece. This year you buy 20 shirts at $20 apiece, 30 USBs at $12 apiece, and 5 sweaters at $20 apiece. If last year's index was 100, this year's index is
A. 91.3.
B. 109.5.
C. 102.0.
D. 9.5.
Answer: B
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Professor Rush decided to quit teaching economics and opens a shoe store out at the mall. He gave up an annual income of $50,000 to open the store. A year after opening the shoe store, the total revenue for the year was $200,000
Rush's expenses were $30,000 for labor, rent was $18,000, and utilities were $1,200. He also had to purchase new shoes from manufacturers, at a cost of $60,000, which was financed by cashing in his savings of $60,000 that had been in a bank earning 8 percent per year. The normal profit from operating a shoe store in the mall is $20,000. Determine Professor Rush's explicit costs, implicit costs, and economic profit.
In a cooperative form of business enterprise, a shareholder is entitled to
a. one vote. b. vote on the basis of number of shares owned. c. no dividends. d. tax exemption on profit.
The Federal Open Market Committee is made up of all of the following, except
A. the board of governors. B. the chairman of the board of governors. C. the president of the United States. D. the president of the Federal Reserve Bank of New York.
Reduction or elimination of dividend taxes is designed, in part, to
A) reduce the double taxation burden on individuals. B) make rich people richer. C) reduce inefficiencies in the production process. D) increase corporate tax levels.