Multiple Choice
Suppose that 1983 is the base year for the Consumer Price Index (CPI) and in 2014 the CPI was 220.What does this "220" mean?
A) What cost $100 in 1983 on average cost 2.20 times as much in 2014.
B) What cost $100 in 1983 on average cost $220 more in 2014.
C) What cost $100 in 1983 on average cost 0.22 times as much in 2014 (that is,it cost $22 in 2014) .
D) What cost $100 in 1983 on average cost $22 more in 2014.
Correct Answer:
Verified
Correct Answer:
Verified
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