Solve the Problem A)195
B)51

question 101

Multiple Choice

Solve the problem.
-Find the gasoline price index for 1975 using the 1955 price as the reference value. Use the table below. $$\begin{array}{l}\text { YEAR|GASOLINE PRICE }\\\begin{array} { l | l } & \text { (cents per gallon) } \\\hline 1955 & 29.1 \\1965 & 31.2 \\1975 & 56.7 \\1985 & 119.6 \\1995 & 120.5 \\2000 & 155.0 \\2010 & 284.0\end{array}\end{array}$$

• A)19.5
• B)51.3
• C)194.8
• D)175.3

Identify and record the correct entries for sales transactions inclusive of sales tax.

Understand the concept of scarcity and its implications for the allocation of resources in an economy.

Explain the importance and role of capital and labor as resources in economic production.

Comprehend the concept of opportunity cost and its relevance in economic decision-making.

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