Consider the Following Data on the Prices of Three Items

question 9

Multiple Choice

Consider the following data on the prices of three items, A, B, and C, from 2000 through 2002. Compute the unweighted price index for the three items for 2000, using 2001 as the base year.

• A) 100.08
• B) 98.56
• C) 100.85
• D) 99.92

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Definitions:

Wage Cut

A reduction in the hourly rate or salary paid to an employee by an employer, often due to economic pressures or company performance.

Quality Distribution

A concept referring to the way in which various levels of quality of a product or service are spread out or distributed across different units or entities.

Appraiser

A professional who evaluates the market value of assets, often used in real estate to determine property values.

Original Owners

The first individuals or entities to have legal possession or control of a property or asset.