For the Following Question(s), Suppose an Economy Produces Only Pens

question 43

Multiple Choice

For the following question(s) , suppose an economy produces only pens and pencils, and that the quantity and price data is given by
this table: $$\begin{array} { | l | l | l | } \hline & \text { Pens } & \text { Pencils } \\\hline \text { Year 1 quantity } & 15 & 10 \\\hline \text { Year 1 price } & \$ 12 & \$ 12 \\\hline \text { Year 2 quantity } & 17 & 12 \\\hline \text { Year 2 price } & \$ 14 & \$ 15 \\\hline\end{array}$$
-What is the inflation rate using base year 1?

• A)25%
• B)15%
• C)13%
• D)10%
• E)20%

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Definitions:

Manhattan

Manhattan is one of the five boroughs of New York City, known for its dense population, iconic landmarks, and significant cultural, financial, and social influence.

Bias

Prejudice in favor of or against one thing, person, or group compared to another, usually in a way considered to be unfair.

Negative Messages

Refer to communications that convey criticism, pessimism, or disapproval, which can impact an individual's emotions and behaviors negatively.

Distorts Reality

Alteration or misrepresentation of the true nature of a situation or fact, leading to a skewed perception.