The Wholesale Price of a Straight Back Desk Chair in 1998

question 1

Multiple Choice

The wholesale price of a straight back desk chair in 1998 was $20; in 1999, $23; and in 2000, $18. What were the indexes for 1999 and 2000 using 1999 = 100?

• A) 115.0 and 90.0
• B) 1.15 and 0.9
• C) 1150.0 and 900.0
• D) 87.0 and 111.1
• E) 87.0 and 78.3

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Definitions:

Urban Land

Land located within a city or town boundary, typically characterized by higher population density and infrastructure development compared to rural areas.

Rent

A periodic payment made by a lessee to a lessor for the use of land, buildings, or other property.

Supply

The total amount of a specific good or service that is available to consumers at current prices.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.