i. An index is a convenient way of comparing changes for different variables, i.e., average income and food prices. ii. No systematic approach to collecting and reporting data in index form was evident in North America until about 1900.
iii. The CPI can be used in determining "real" income.
A) (i), (ii), and (iii) are all correct statements.
B) (i) and (ii) are correct statements but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) (i), (ii), and (iii) are all false statements.

Question

Quizplus · Accepted Answer

Indexes are indeed used for comparing changes in various variables, systematic approaches to index data collection began around 1900, and the Consumer Price Index (CPI) is commonly used to adjust nominal income figures to real income to account for inflation.

I an Index Is a Convenient Way of Comparing Changes