Suppose the index of prices received by date farmers in Oman for 2008was 1.04 and the base year of index was 1999. Then, OPTIONS: (i) Relative to 1999, farm prices were 104% higher in 2008. (ii) Relative to 2008, farm prices were 4% higher in 1999. (iii) Relative to 2008, farm prices were 104% higher in 1999. (iv) Relative to 1999, farm prices were 4% higher in 2008.

Suppose the index of prices received by date farmers in Oman for 2008was 1.04 and the base year of index was 1999. Then, OPTIONS: (i) Relative to 1999, farm prices were 104% higher in 2008. (ii) Relative to 2008, farm prices were 4% higher in 1999. (iii) Relative to 2008, farm prices were 104% higher in 1999. (iv) Relative to 1999, farm prices were 4% higher in 2008.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.4CE

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