The Table Below Indicates the Price and Output Data Over

question 92

Multiple Choice

The table below indicates the price and output data over a five-year period for an economy that produces only one good. Refer to the above data.If year 2 is the base year, the price index for year 3 is:

• A)120
• B)125
• C)133
• D)150

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Definitions:

Expected Value

The long-run average value of repetitions of an experiment it represents, often used in probability and statistics.

Independent Replications

Separate instances of an experiment or simulation that are conducted independently to ensure variability in results is due to the process rather than randomness.

Probability

The measure of how likely it is for an event to occur, expressed as a number between 0 (impossible) and 1 (certain).

Customers

Individuals or businesses who purchase goods or services from another entity.