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

question 31

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 2015 as the base year,what is the inflation rate?

• A) 13.3 percent for 2014 and 14.8 percent for 2015
• B) 13.3 percent for 2014 and 55.0 percent for 2015
• C) 35.0 percent for 2014 and 14.8 percent for 2015
• D) 35.0 percent for 2014 and 55.0 percent for 2015

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Definitions:

Coefficient of Determination

A statistical measure, often denoted as R^2, that represents the proportion of the variance for a dependent variable that's explained by one or more independent variables in a regression model.

Slope

The rate of change in the dependent variable for a unit change in the independent variable in a linear relationship.

Regression Line

A line of best fit through a scatterplot of data points in regression analysis, showing the relationship between the independent and dependent variables.

Positive

A term often used in statistics to denote a value or outcome that is above zero or indicates the presence of a condition or characteristic.