The Following Table Provides the Values of the Simple Price

question 59

Multiple Choice

The following table provides the values of the simple price index for watches in a country. If the base year is revised from 2006 to 2007, which of the following is the updated index for 2008?

• A) 113.5
• B) 96.77
• C) 95.24
• D) 103.33

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Definitions:

Automobiles

The term for motor vehicles, typically with four wheels, designed primarily for passenger transportation on roads.

Technological Advance

Innovations and improvements in technology that increase productivity and efficiency in production or services.

Technological Change

The process through which new technologies are developed and introduced, leading to changes in productivity, consumption patterns, and economic structure.

Equilibrium Wages

The payment rate at which the provision of labor matches the request for labor.