Refer to the Information Provided in Table 7

question 2

Multiple Choice

Refer to the information provided in Table 7.6 below to answer the questions that follow.
Table 7.6
-Refer to Table 7.6. If 2014 is the base year, the price index in 2016 is

• A) 59.8.
• B) 71.3.
• C) 128.7.
• D) 140.2.

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Definitions:

Ad Valorem Tariff

A tax placed on goods based on a percentage of the goods' value.

Import Quota

An import quota is a government-imposed limit on the quantity or monetary value of a particular good that can be imported into a country within a specified time frame.

World Price

The global market price of a good or service, determined by worldwide supply and demand.

Market Equilibrium

A condition or point where market supply and demand balance each other, and as a result, prices become stable.