Assume an Economy That Makes Only One Product and That

question 171

Multiple Choice

$$\begin{array} { | c | c | c | } \hline \text { Year } & \text { Units of Output } & \text { Price Per Unit } \\\hline 1 & 3 & \$ 3 \\\hline 2 & 4 & 4 \\\hline 3 & 6 & 5 \\\hline 4 & 7 & 7 \\\hline 5 & 8 & 8 \\\hline\end{array}$$ Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a ?ve-year period are shown in the table. The price index for year 1 is

• A) 140.
• B) 40.
• C) 167.
• D) 60.

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Definitions:

Union Membership

The act of belonging to an organized group of workers, often in the same trade or profession, that aims to protect and advance their interests and rights.

Affordable Child Care

refers to childcare services that are financially accessible to families, contributing to economic stability and allowing parents to work or pursue education.

Earnings

The amount of money that an individual or business receives in exchange for providing a service or through investing capital.

Political Participation

The involvement of citizens in the political process, ranging from voting in elections to engaging in political discussions or activism.