Consider the Following Data on the Prices of Three Items

question 29

Multiple Choice

Consider the following data on the prices of three items, A, B, and C, from 2000 through 2002. If the price of item C in 2002 was 210 instead of 207, which of the following is the unweighted aggregate price index for 2002 for the three items, using 2000 as the base year?

• A) 98.09
• B) 100.45
• C) 102.03
• D) 101.94

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Definitions:

Wealth Distribution

The manner in which wealth is shared among individuals in a society, often analyzed for its levels of equality or inequality.

Coincidence of Wants

A situation in a barter economy where two parties each possess goods or services that the other wants, facilitating a direct exchange without the need for money.

Barter

The direct exchange of one good or service for another good or service.

Medium of Exchange

An intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties.