The value of a basket of goods and services was $1,500 in 2010 and $1,800 in 2012 . If 2010 was the base year, the price index for the year 2012 was _____
a. 110
b. 200
c. 120
d. 100
c
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The quantity theory of money argues that, in the long run, the percentage change in money will create an equal percentage change in
A) velocity. B) real GDP. C) potential GDP. D) the price level.
Big Al’s Burger Emporium lowered the price of its burgers from $8 to $6. The firm saw sales of burger increase from 1,200 per week to 2,000 per week. This implies that the price elasticity (dropping any negative signs) is
A. 0.29 B. 0.57 C. 1.75 D. 0.50
Why does the payments system continue to change over time?
What will be an ideal response?
The formula for the standard error of the regression coefficient, when moving from one explanatory variable to two explanatory variables,
A) stays the same. B) changes, unless the second explanatory variable is a binary variable. C) changes. D) changes, unless you test for a null hypothesis that the addition regression coefficient is zero.