Multiple Choice
The CPI for "educational books and supplies" in July of 2001 was 295.1 (1982-1984 = 100) . Interpret this index.
A) There was no significant increase in the price of "educational books and supplies".
B) The price of "educational books and supplies" increased 295.1%.
C) If the average price of a textbook in 1982-1984 was $25.00, the CPI for "educational books and supplies" would predict that the price of the textbook in July 2001 would be $73.78.
D) If the average price of a textbook in 1982-1984 was $25.00, the CPI for "educational books and supplies" would predict that the price of the textbook in July 2001 would be $48.78.
E) The price of "educational books and supplies" decreased 195.1%.
Correct Answer:
Verified
Correct Answer:
Verified
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