Use the Table Below to Answer the Following Questions

question 81

Multiple Choice

Use the table below to answer the following questions.
Table 21.3.1
Suppose a simple economy produces three goods only.
The price and output data for some selected years are shown below.

-Refer to Table 21.3.1. The reference base period is 2002. Which one of the following statements is true?

• A)From 2002 to 2014, the cost of the market basket rose by 58 percent.
• B)It costs 158 times more in 2014 than it does in 2002 to buy the same market basket.
• C)All prices have risen by the same amount.
• D)The inflation rate in 2014 is greater than the inflation rate in 2002.
• E)The inflation rate in 2002 is greater than the inflation rate in 2014.

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Definitions:

Accomplishments

Achievements or completed tasks that demonstrate skill, proficiency, or success.

Consensus

A general agreement among the members of a group or the outcome of that agreement.

Decision

The act or process of making a choice or judgment after considering different courses of action.

Conflict

A situation where there are incompatible interests, beliefs, or objectives between two or more parties, leading to a disagreement or dispute.