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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

The largest component in the basket of goods and services used to compute the CPI is

a. food and beverages.

b. housing.

c. medical care.

d. apparel.

To determine

Thelargest component ofCPI’s basket.

Explanation

Option (b)

Thehousing represents 42% in the basket of goods and services used to compute. Thus, option ‘b’ is correct.

Option (a)

Thefood and beverages account to only 15% in the CPI’s basket. So option ‘a’ is incorrect...

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