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Suppose Charles spent a total of $350 for the 350 bottles of mineral water he purchased...

Suppose Charles spent a total of $350 for the 350 bottles of mineral water he purchased in 2015 and a total of $350 for the 320 bottles of mineral water (same size and brand) he purchased at the same store in 2016. Charles' nominal consumption of mineral water in 2016 was _____ his nominal consumption level in 2015. Charles' real consumption of mineral water in 2016 was _____ his real consumption level in 2015. Select one: A. the same as; greater than B. less than; the same as C. less than; greater than D. the same as; the same as E. greater than; the same as F. the same as; less than G. greater than; greater than H. greater than; less than I. less than; less than

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Answer #1

Answer: Option 'F' is correct.

Nominal consumption of mineral water is the dollar spent on purchase of mineral water. Since it is same at $350 for both 2015 and 2016, the nominal consumption is the same.

Real consumption is the actual physical quantity of mineral water bottles. Since in 2016, charles consumed only 320 bottles whereas in 2015, he consumed 350 bottles, Charles' real consumption of mineral water in 2016 was less than his real consumption level in 2015.

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