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Assume an Economy Which Is Producing Only One Product

Question 101

Multiple Choice

Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Assume an economy which is producing only one product.Output and price data for a three-year period are as follows. Refer to the above data.If year 2 is chosen as the base year, the price index for year one is: A) 80 B) 100 C) 120 D) 20 Refer to the above data.If year 2 is chosen as the base year, the price index for year one is:


A) 80
B) 100
C) 120
D) 20

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