The Table Below Shows Hypothetical Data for the Volume of Gold

question 79

Multiple Choice

The table below shows hypothetical data for the volume of gold and nickel output across several years. TABLE 2-6 Refer to Table 2-6.What is the index number for gold output in Year 8?

• A)104.1%
• B)104.1
• C)1.04
• D)60
• E)60%

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Definitions:

Absolute Advantage

The ability of an individual or country to produce more of a certain good compared to another individual or country using the same amount of resources.

Specialization

The process of focusing efforts and resources on a limited range of activities, goods, or services to gain efficiency, expertise, or productivity.

Productivity

A measure of the efficiency of production, often quantified as the ratio of output to inputs in the production process.

Total Production

The total output of goods or services produced by an individual or organization over a specific period.