Use the table below to answer the following questions.
Table 21.3.1
Suppose a simple economy produces three goods only.
The price and output data for some selected years are shown below.

-Refer to Table 21.3.1.The reference base period is 2002.the CPI in 2002 is
A)1,340.
B)158.
C)100.
D)96.
E)63.

Question

Use the table below to answer the following questions.
Table 21.3.1
Suppose a simple economy produces three goods only.
The price and output data for some selected years are shown below.
 
-Refer to Table 21.3.1.The reference base period is 2002.the CPI in 2002 is
A)1,340. 
B)158. 
C)100. 
D)96. 
E)63.

Quizplus · Accepted Answer

The CPI in the reference base year (2002) is always 100 by definition of the CPI formula.

Use the Table Below to Answer the Following Questions