If the Ratio of the Value of a Set of Goods

question 56

Multiple Choice

If the ratio of the value of a set of goods expressed in current dollars to their value expressed in constant dollars is 1.54,prices on average must have risen by ________ percent.

• A) 154
• B) 100
• C) 54
• D) 46
• E) 1.54

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Definitions:

Autokinetic Effect

A visual perception phenomenon where a stationary point of light in a dark environment appears to move due to involuntary eye movements.

Relational Proposition

A statement that establishes a relationship between two or more concepts, often used to understand how individuals perceive relationships in the world.

Asch's Studies

A series of experiments that demonstrated the power of conformity in groups, where individuals often agreed with an incorrect answer to match the majority's view.

Conformity

The act of aligning one's attitudes, beliefs, or behaviors to group norms or expectations.