Multiple Choice
Suppose that 1983 is the base year for the Consumer Price Index (CPI) and in 2019 the CPI is 254.What does this "254" mean?
A) What cost $100 in 1983 on average cost 254 times as much in 2019.
B) What cost $100 in 1983 on average cost $254 more in 2019.
C) What cost $100 in 1983 on average cost 100/254 (or 0.39) times as much in 2019.
D) What cost $100 in 1983 on average cost $154 more in 2019.
Correct Answer:
Verified
Correct Answer:
Verified
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