The Reference Base Period Is 2002

question 2

Multiple Choice

The reference base period is 2002.A consumer price index of 122 in 2012 means that

• A)prices of consumer goods have gone up by a factor of 12.2.
• B)if the price of a good was $100 in 2002, its price in 2012 is $122.
• C)prices of consumer goods have more than doubled.
• D)the market basket of consumer goods that cost $122 in 2002 can be purchased for $100 in 2012.
• E)the average of the prices paid by urban consumers for a fixed market basket of consumer goods and services was 22 percent higher in 2012 than it was on average during 2002.

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Definitions:

Work Processes

The structured set of activities and tasks conducted by individuals or groups within an organization to produce a desired output or outcome.

Workflow

The sequence of processes through which a piece of work passes from initiation to completion.

Computer-integrated Manufacturing

A method of manufacturing where the entire production process is controlled and monitored by computers, enhancing efficiency and flexibility.

Lean Production

A manufacturing methodology that focuses on minimizing waste within systems while simultaneously maximizing productivity.