To Correct a Nominal Quantity for Changes in the Price

question 108

Multiple Choice

To correct a nominal quantity for changes in the price level,one should

• A) add a price index to it.
• B) subtract a price index from it.
• C) divide it by a price index.
• D) multiple it by a price index.
• E) increase it by a percentage equal to the rate of inflation for that year.

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Definitions:

Temperance Movement

A social and political campaign in the 19th and early 20th centuries aimed at reducing the consumption of alcoholic beverages or advocating for total abstinence.

American Temperance Society

An organization established in the early 19th century in the United States, dedicated to encouraging moderation or total abstinence in the consumption of alcohol.

Catholic Church

The largest Christian church, with more than a billion members worldwide, led by the Pope, it has a significant influence in religious, social, and political matters around the globe.