Refer to the information provided in Table 22.5 below to answer the question(s) that follow.
Table 22.5
-Refer to Table 22.5. Suppose 2015 is the base year. The price index in 2014 is
A) 94.2.
B) 97.4.
C) 106.1.
D) 123.0.

Question

Refer to the information provided in Table 22.5 below to answer the question(s) that follow.
Table 22.5 
-Refer to Table 22.5. Suppose 2015 is the base year. The price index in 2014 is
A) 94.2. 
B) 97.4. 
C) 106.1. 
D) 123.0.

Quizplus · Accepted Answer

The price index in 2014 is calculated relative to the base year 2015. If the price index is 94.2, it means that prices in 2014 were 94.2% of the prices in the base year 2015.

Refer to the Information Provided in Table 22