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Consider the following table showing the price and quantity of three items from a person's basket of goods: Items Quantity 2015 Price 2016 Price 2017
Consider the following table showing the price and quantity of three items from a person's basket of goods: Items Quantity 2015 Price 2016 Price 2017 Price Item 1 8 $24 $28 $35 Item 2 4 $95 $105 $119 Item 3 28 $6 $11 $16 Assume that 2016 is a base year. Which statement is true? Select the best answer. Answer Keypad Keyboard Shortcuts The price level was higher in 2015 than in 2016. The index number had a value of one hundred in 2016. The inflation rate decreased by two percentage points in 2017 compared to 2016
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