The Following Table Contains Prices and Quantities for the Three

question 67

Multiple Choice

The following table contains prices and quantities for the three goods produced in the country of Linfieldia.

-Refer to the table above.Assuming that 2015 is the base year,what is the inflation rate between 2014 to 2016 using the GDP deflator and the Consumer Price Index?

• A) 74 percent with the GDP deflator, 94 percent with the Consumer Price Index
• B) 94 percent with the GDP deflator, 74 percent with the Consumer Price Index
• C) 74 percent with both
• D) 94 percent with both

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Definitions:

Production Run

A manufacturing process or period during which a batch of goods is produced, often of the same product, without interruption.

Sampled

The process of selecting a subset of individuals or items from a larger population for the purpose of making inferences about the population.

Defective

Refers to a product, outcome, or element that fails to meet a specified standard of quality or performance.

Fair Coin

A fair coin is a term used in probability to describe a coin that has an equal chance of landing on heads or tails when flipped.