A Local Electronics Retailer Recently Conducted a Study on Purchasers

question 30

Multiple Choice

A local electronics retailer recently conducted a study on purchasers of large screen televisions.The study recorded the type of television and the credit account balance of the customer at the time of purchase.They obtained the following results. What percentage of purchases were plasma televisions by customers with the smallest credit balances?

• A)50.00
• B)39.20
• C)56.30
• D)34.80
• E)19.60

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Definitions:

Real GDP

The measure of a country's economic output adjusted for price changes (inflation or deflation), providing a more accurate reflection of an economy's size and growth.

Price Level

The average of the current prices of goods and services in an economy, which can influence purchasing power and inflation.

Inflation

The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.

Multiple Counting

The erroneous practice of counting the same item more than once when calculating economic data, such as in measuring GDP.