Assume an Economy Which Is Producing Only One Product

question 77

Multiple Choice

Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Refer to the above data.If year 2 is chosen as the base year, in years 1 and 3 the price index values, respectively, are:

• A)4 and 6.
• B)6 and 4.
• C)120 and 100.
• D)100 and 150.

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Definitions:

Room-And-Pillar

A method of mining that involves excavating rooms while leaving columns or pillars of material to support the mine roof.

Subsurface Mining

The extraction of minerals and ores from underground, involving tunnels or shafts to access geological resources deep below the earth's surface.

Surface Mining

A method of extracting mineral and energy resources near the surface of the Earth rather than through underground tunnels.

Bituminous Coal

A type of coal characterized by its high carbon content and heating value, commonly used for electricity generation.