Refer to Table 5.3.1, which shows the prices and quantities produced in 2002 and 2024 in an economy that produces only three goods. If the reference base period is 2002, which of the following statements is correct?

Question

Answer

From 2002 to 2024, the cost of the market basket rose by 58 percent.

Answer

The inflation rate in 2024 is greater than the inflation rate in 2002.

Answer

All prices have risen by the same amount.

Answer

It costs 158 times more in 2024 than it does in 2002 to buy the same market basket.

Answer

The inflation rate in 2002 is greater than the inflation rate in 2024.


	Price (dollars)	Price (dollars)	Quantity (number)	Quantity (number)
	2002	2024	2002	2024
Pop Crackers Cucumbers	0.75 1.25 2.00	1.10 2.10 3.00	100 300 200	120 280 190

Crowdly

Refer to Table 5.3.1, which shows the prices and quantities produced in 2002...

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