Answer: Option C
Explanation: The branch of economics that studies the economy as whole is called macroeconomics. The subject matter of economics tries to understand and inter-relate factors such as inflation, interest rates, unemployment etc, as these factors impact the overall economy and not just a small portion of it.
Hence from the above, we can conclude that history of gasoline prices is not related to macroeconomics as it is only related to the petroleum industry.
Answer:
CPI for 2016 = 100
CPI for 2017 = 110
Inflation rate in 2017 = 10%
Explanation:
Before finding Consumer Price Index (CPI), we have to calculate the market basket cost price for each year
2016 market basket cost price =
Cauliflower = $250
Broccoli = $100
<u>Carrots = $250</u>
Total cost = $600
2017 market basket cost price =
Cauliflower = $210
Broccoli = $180
<u>Carrots = $270</u>
Total cost = $660
We know, CPI = (Cost of market basket in a given year ÷ Cost of market basket in a base year) × 100
As 2016 is the base year, CPI for 2016 = ($600 ÷ $600) × 100 = 100
CPI for 2017 = ($660 ÷ $600) × 100 = 100 = 110
Again, we know, Inflation rate using the CPI = [(CPI for current year - CPI for previous year) ÷ CPI for previous year] × 100
Therefore, Inflation rate using the CPI = [(110 - 100) ÷ 100] × 100 = 10%.
Answer:
B) Gonzalez v. Raich
Explanation:
In Gonzalez v. Raich (2005), the Supreme Court ruled that under the Commerce Clause, Congress had the power to criminalize the production and use of homegrown marijuana by Raich even if California law allowed it. The Supreme Court ruled against the local marijuana producer because the federal government has the power to regulate purely intrastate production that is meant for personal consumption if the failure to regulate the non commercial activity could affect interstate commerce.
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