If the average price level in 2002 was 1.25 relative to the base year in 1992, then:
a. a dollar in 2002 bought just 80 percent of the goods and services that a dollar bought in 1992.
b. average prices were 80 percent higher in 2002 than in 1992.
c. a dollar in 2002 bought 25 percent more goods and services than a dollar bought in 1992.
d. average prices were 125 percent higher in 2000 than in 1992.
e. purchasing power rose 25 percent between 1992 and 2002.
Question 2
Theories and models are explanations of how things work that help us understand and predict how and why economic agents like consumers, producers, firms, government, etc. behave they way they do.
a. True
b. False
Indicate whether the statement is true or false
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