Suppose that 1982 is the base year for the Consumer Price Index (CPI) and in 2014 the CPI was 190. What does this "190" mean?
A) What cost $100 in 1982 on average cost 190 times as much in 2014.
B) What cost $100 in 1982 on average cost $190 in 2014.
C) What cost $100 in 1982 on average cost 0.19 times as much in 2014 (that is, it cost $19 in 2014).
D) What cost $100 in 1982 on average cost $19 more in 2014.
B
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Trade theorists have proven that the gains from international trade
A) must raise the economic welfare of every country engaged in trade. B) must raise the economic welfare of everyone in every country engaged in trade. C) must harm owners of "specific" factors of production. D) will always help "winners" by an amount exceeding the losses of "losers." E) usually outweigh the benefits of protectionist policies.
High oil prices in the 1970s motivated ________ to look for oil, which was found in ________.
A. the United Kingdom; the North Sea B. Saudi Arabia; their desert C. the Soviet Union; the Ural Mountains D. the United States; Oklahoma