I Etienne Laspeyres Developed a Method in the Latter Part

question 31

Multiple Choice

i. Etienne Laspeyres developed a method in the latter part of the 18th century to determine a weighted index using base-period weights.
Ii) If we are constructing a weighted index of the price of food for 2000 using the Laspeyres' method and 1982-84 = 100, we use the amounts consumed in the base period, q0, as weights.
Iii) The Laspeyres' method allows for a meaningful comparison of prices over time; however, if does not reflect changes in buying patterns over time.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) and (ii) are correct statements, but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) All statements are false

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Definitions:

Housing

Refers to the provision or availability of accommodation, considered in terms of its quality, nature, and affordability.

Assisted-Living Facility

A residential option for elderly or disabled people who need help with daily activities but do not require the intensive medical care provided by a nursing home.

Institutionalized

The process of establishing something as a norm or standard within a structured system, or the condition of being admitted into a long-term care facility.

Social Activities

Social activities are events or gatherings designed to facilitate interaction and cooperation among participants, promoting communal engagement.