-Refer to Table 6

question 66

Multiple Choice

-Refer to Table 6.10. Suppose 1999 is the base year. The price index in 1999 is:

• A) 10.
• B) 100.
• C) 1.
• D) 1,000.

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Definitions:

Wage Rate

The amount of money paid to a worker per unit of time, which can be expressed as an hourly, daily, or piece rate.

Product Price

The amount of money required to purchase a good or service, often influenced by a variety of factors including production costs, demand, and market competition.

Marginal Revenue Product

The extra income created by the use of an additional unit of a production input.

Marginal Resource Cost

Marginal Resource Cost is the additional cost incurred by obtaining one more unit of a resource, such as labor or raw materials, used in the production of goods and services.