Table 13-19
$$\begin{array} { | c | c | c | }
\hline \text { Year } & \begin{array} { c }
\text { Nominal Average Hourly } \
\text { Earnings }
\end{array} & \begin{array} { c }
\text { CPI } \
( \mathbf { 1 9 8 2 - 1 9 8 4 } = \mathbf { 1 0 0 } )
\end{array} \
\hline 2011 & \$ 10 & 100 \
\hline 2012 & 10 & 105 \
\hline 2013 & 12 & 110\
\hline
\end{array}$$
-Refer to Table 13-19.Looking at the table above,what is the rate of growth of the average price level from 2012 to 2013?
A)1%
B)2%
C)3.5%
D)4.76%
E)5.25%

Question

Table 13-19
 $$\begin{array} { | c | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { Nominal Average Hourly } \
\text { Earnings }
\end{array} & \begin{array} { c } 
\text { CPI } \
( \mathbf { 1 9 8 2 - 1 9 8 4 } = \mathbf { 1 0 0 } )
\end{array} \
\hline 2011 & \$ 10 & 100 \
\hline 2012 & 10 & 105 \
\hline 2013 & 12 & 110\
\hline
\end{array}$$
-Refer to Table 13-19.Looking at the table above,what is the rate of growth of the average price level from 2012 to 2013?
A)1%
B)2%
C)3.5%
D)4.76%
E)5.25%

Quizplus · Accepted Answer

The rate of growth of the average price level (CPI) from 2012 to 2013 is calculated as $(110 - 105) / 105 \times 100 = 4.76\%$.

Table 13-19 -Refer to Table 13-19