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

---

Definitions:

Economic Problem

The challenge of limited resources to meet unlimited wants and needs of society.

Capital Goods

Long-lasting goods purchased or used by businesses to produce goods or services and not intended for final consumption.

Consumer Goods

Products and services that are consumed by individuals or households to satisfy their needs or wants.

Producing

The process of creating, manufacturing, or constructing goods and services for consumption or use.