In 1972,one Could Buy Model Rocket Engines for $1

question 27

Multiple Choice

In 1972,one could buy model rocket engines for $1.50 each.If those same engines cost $2.50 each today,then which pair of CPIs would make the engine prices in today's dollars the same for both years?

• A) 60 in 1972 and 95 today
• B) 60 in 1972 and 120 today
• C) 90 in 1972 and 140 today
• D) 96 in 1972 and 160 today

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Definitions:

Entrepreneurial Ability

The capacity to innovate, introduce new products or services, improve processes or business models, and effectively manage and grow a business under conditions of uncertainty.

Production Technique

Production technique refers to the method or process used in transforming inputs into outputs in the production of goods or services.

Total Profits

The total income of a business after all expenses have been deducted from total revenues.

Production Techniques

Methods and processes used in the transformation of inputs into outputs or goods and services by a firm.