Refer to the Information Provided in Table 6

question 250

Multiple Choice

Refer to the information provided in Table 6.10 below to answer the questions that follow.
Table 6.10
-Refer to Table 6.10. Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is

• A) 84.5.
• B) 92.4.
• C) 105.0.
• D) 108.2.

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Definitions:

Memory Code

The format in which information is stored in the memory, including visual, acoustic, and semantic codes.

Reconstructive Memory Principle

The concept that memories are not played back exactly as they happened, but are reconstructed, or pieced together, from various sources.

Hindsight Bias

The tendency to believe, after an outcome is known, that it was predictable, despite there being little or no objective basis for predicting it.

Reconstruction Bias

a type of cognitive bias that involves memory errors in which individuals may add or omit details in their recollection of events.