Choose the word or phrase that is equivalent in meaning to the given phrase:
Airs and graces
The phrase "airs and graces" describes a way of behaving that is affected and pretentious, where a person puts on refined manners to appear more important or superior than they really are. That show of self-importance is exactly what "vanity" captures.
So the meaning closest to "airs and graces" is vanity, option a.
If the price of a commodity increases by 25%, by what percentage should the consumption be reduced to keep the expenditure the same?