You Are Given the Following Information About Items A, B

question 4

Multiple Choice

You are given the following information about items A, B, C, and D. The price relative for item A in 2015 (use 2010 as the base year) is

• A) 1.082
• B) 7
• C) 92.391
• D) 108.235

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Definitions:

Resource Market

Markets where the services of the factors of production (such as labour, capital, land) are bought and sold.

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and the government.

Consumer Expenditures

The total spending by consumers on goods and services for personal use.

Profit Income

The financial gain that results when the revenue from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.