If the Cost of a Market Basket Is $200 in 2006

question 27

Multiple Choice

If the cost of a market basket is $200 in 2006 and $230 in 2007, the price index for 2007 using 2006 as the base year is _____.

• A) 1.00
• B) 1.15
• C) 1.30
• D) 2.00

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Definitions:

Probability Sampling

A sampling method that hives every individual in the population an equal chance of being selected for the sample.

Concepts

Fundamental ideas or theories that form the basis of knowledge in a particular discipline or are used to guide actions and decisions.

Services

Intangible activities or benefits that an organization provides to satisfy consumers’ needs in exchange for money or something else of value.

New-Product Concept

An outline of a potential product that a company might offer to the market, highlighting its uniqueness and value proposition.