The Year That Is Chosen as the Point of Reference

question 196

Multiple Choice

The year that is chosen as the point of reference for comparison of prices in other years is known as the

• A) base year.
• B) price index.
• C) purchasing power.
• D) consumer price index.

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Definitions:

Free Labor Flows

The unrestricted movement of laborers across regions or countries, allowing workers to seek employment where they choose without barriers.