core 0 of 1 pt 1 Review Quiz 3 static n 2001 the price of a

core: 0 of 1 pt .1 Review Quiz 3 (static) n 2001, the price of a barrel of oil was $23. In 2011, the price of a barrel of oil was $91.12 In 2001, the price of a loaf of bread was $0.99. In 2011, the price of a loaf of bread was $2.78. Between 2001 and 2011, the relative price of a barrel of oil with respect to a loaf of bread and t O A. fell; fel OB, fell: rose O C. rose;fell O D. rose, rose Click to select your answer and then click Check Answer All parts showing Clear A esc FI Tab

Solution

In 2001, relative price of barrel of oil with respect to a loaf of bread = 23/0.99 = 23.23 .

In 2011, relative price of barrel of oil with respect to loaf of bread = 91.12/2.78 = 32.77.

In 2001, relative price of loaf of bread with respect to barrel of oil = 0.99/23 = 0.04.

In 2011, the relative price of loaf of bread with respect to barrel of oil = 2.78/91.12 = 0.03.

Between 2001 and 2011 , the relative price of a barrel of oil with respect to a loaf of bread rose and the relative price of loaf of bread with respect to barrel of oil fell.

Hence, option (C) is correct.