Multiple Choice
Suppose that 1983 is the base year for the Consumer Price Index (CPI) and in 2015 the CPI was 226.What does this "226" mean?
A) What cost $100 in 1983 on average cost 226 times as much in 2015.
B) What cost $100 in 1983 on average cost $226 more in 2015.
C) What cost $100 in 1983 on average cost 100/226 (or 0.44) times as much in 2015 (that is,it will cost $22 in 2015) .
D) What cost $100 in 1983 on average cost $126 more in 2015.
Correct Answer:
Verified
Correct Answer:
Verified
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