Table 5.12 -Refer to Table 5.12.Suppose an Economy Has Only Three Goods

question 152

Multiple Choice

Table 5.12
-Refer to Table 5.12.Suppose an economy has only three goods and the typical family purchases the amounts given in the table above.If 2011 is the base year, then what is the CPI for 2015?

• A)40.08
• B)100
• C)180
• D)208
• E)251

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Definitions:

Audit

A systematic examination of books, accounts, documents, and vouchers of an organization to ascertain how far the financial statements present a true and fair view of the concern.

Negligence

The failure to use that amount of care that a reasonably prudent person would have used under the same circumstances and conditions.

Malpractice

Negligence or failure by a professional to perform their duties to the accepted standard of practice in their field, which results in harm or loss.

Attorney

A professional and legal practitioner who represents and advises clients in legal matters and court proceedings.