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:

High-Throughput Economies

Economies characterized by the rapid production and high volume of goods, often enabled by advancements in technology and manufacturing processes.

Low-Throughput Economy

An economy that minimizes the use of natural resources and energy consumption to reduce environmental impact.

Recycling

The process of collecting and processing materials that would otherwise be thrown away as trash and turning them into new products.

Chemical Change

A process that transforms substances into different substances through the rearrangement of atoms.