Multiple Choice
If the value of the consumer price index (CPI) in 2013 was 135 and the value of the CPI in 2012 was 117,we could correctly say that:
A) the typical basket of goods was about 18% more expensive in 2013 than in 2012.
B) the typical basket of goods was about 18% less expensive in 2013 than in 2012.
C) the typical basket of goods was about 15.4% more expensive in 2013 than in 2012.
D) the average price of all items included in gross domestic product (GDP) was about 18% more expensive in 2013 than in 2012.
E) the average price of all items included in GDP was about 15.4% more expensive in 2013 than in 2012.
Correct Answer:
Verified
Correct Answer:
Verified
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