You Decide You Want to Compare Your Average Price Level

question 23

Multiple Choice

You decide you want to compare your average price level for what you spend on entertainment.Last year, which you decide will be the base year, your spent $50 for a concert, $15 per movie, and $25 for a dinner out.This year, these same activities cost $75, $20, and $40, respectively.Calculate your entertainment index in the base year.

• A)1
• B)100
• C)1.5
• D)150

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Definitions:

Overcharged

A situation where an individual is billed more than the agreed price or fair value for goods or services.

Reasonable Value

The fair or market value of a service or item, taking into consideration its quality, utility, and the prevailing conditions.

Mentally Incompetent

A legal status indicating a person's inability to make decisions or handle affairs because of mental health issues or intellectual disabilities.

Void

Lacking legal force or effect, rendering a document or agreement invalid.