-Refer to the above diagram.The base year used in determining the price indices for this economy:
A) cannot be determined from the information given.
B) is some year before 1992.
C) is more recent than 1992.
D) is 1992.

Question

-Refer to the above diagram.The base year used in determining the price indices for this economy:
A) cannot be determined from the information given. 
B) is some year before 1992. 
C) is more recent than 1992. 
D) is 1992.

Quizplus · Accepted Answer

The base year is typically the year where the price index is set to 100, and in this case, it is indicated as 1992.

-Refer to the Above Diagram