Data for Selected Fruits Purchased at Wholesale Prices for 2005

question 123

Multiple Choice

Data for selected fruits purchased at wholesale prices for 2005 and 2009 are shown next. What is the interpretation of the value index?

• A) Value rose 9.4%.
• B) Value rose 79.1%.
• C) Value rose 12.7%.
• D) Value rose 12.0%.

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Definitions:

Law of Diminishing

Refers to the Law of Diminishing Returns, which states that continuing to increase one input, while holding others constant, will eventually result in smaller and smaller additions to output.

Stolen Goods

Items that have been illegally taken from their rightful owner, typically sold in underground markets.

All-You-Can-Eat Buffet

A type of meal serving format where diners pay a fixed price to consume as much food as they desire from a variety of dishes.

Marginal Utility

The change in total satisfaction or utility that a consumer derives from consuming an additional unit of a good or service.