Table 6-5 This Table Pertains to an Economy with Only Two Goods

question 161

Multiple Choice

Table 6-5
This table pertains to an economy with only two goods: books and calculators.The fixed basket consists of 5 books and 10 calculators.
-Refer to the Table 6-5.Using 2013 as the base year,what is the consumer price index?

• A) 100 in 2013,135 in 2014,and 155 in 2015
• B) 100 in 2013,270 in 2014,and 310 in 2015
• C) 200 in 2013,270 in 2014,and 310 in 2015
• D) 200 in 2013,540 in 2014,and 620 in 2015

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Definitions:

University Faculty

University faculty refers to the professors, lecturers, and academic staff responsible for teaching courses and conducting research within a college or university.

Expected Number

The anticipated count or amount in a set of occurrences or outcomes based on probability.

Binomial Distributions

A probability distribution that summarizes the likelihood that a variable will take one of two independent values under a given number of observations.

Normal Distributions

Bell-shaped curves that are used in statistics to represent the distribution of a data set where most values cluster around a central region.