If a Market Basket Was Defined in 2014 and It

question 26

Multiple Choice

If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 to purchase those identical goods in 2015, then the price index for the base year is

• A)100.
• B)(10000/11000)*100=90.9.
• C)(11000/10000)*100=110.
• D)none of these

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Definitions:

Certainty

The state of being sure or confident about something, often used in decision-making processes.

Certainty

The state of being sure or confident about something, often without doubt or question.

Micro

Refers to small-scale, often detailed or specific considerations or processes in a given context.

Macro Concept

A broad idea or principle that applies to large-scale phenomena or systems.