Suppose the Average Price of Gas in 2018 Was $1

question 103

Multiple Choice

Suppose the average price of gas in 2018 was $1.25 per litre and $1.30 in 2019. The inflation rate was 3 percent in 2019. What was the 2019 price of gas in 2018 dollars?

• A) $1.262
• B) $1.2875
• C) $1.339
• D) $1.350

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Definitions:

Advertising

The activity or profession of producing advertisements for commercial products or services to inform or attract potential customers.

Informational Appeal

Used in a promotion to help consumers make purchase decisions by offering factual information and strong arguments built around relevant issues that encourage them to evaluate the brand favorably on the basis of the key benefits it provides.

Laptop Computers

Portable personal computers designed for mobile use, integrating most components of a desktop computer, including a display, keyboard, and a pointing device.

Tangible Features

Refers to the physical characteristics of a product that can be seen, touched, and measured.