Multiple Choice
The price index for 2007 is 1.28. What does this mean?
A) It means that the average price level has increased by 128 percent over 2006.
B) It means that the average price level has increased by 1.28 percent over the base year.
C) It means that the average price level of the base year was 128 percent less than that in 2007.
D) It means that the average price level has increased by 28 percent over the base year.
Correct Answer:
Verified
Correct Answer:
Verified
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