Table 24-10
The table below shows the prices of baseballs and baseball bats for three years. Assume the typical consumer's basket consists of 6 baseballs and 2 baseball bats.
-Refer to Table 24-10. If 2009 is the base year, then the consumer price index was
A)83.00 in 2008, 100.00 in 2009, and 132.50 in 2010.
B)89.97 in 2008, 100.00 in 2009, and 117.43 in 2010.
C)90.88 in 2008, 100.00 in 2009, and 117.43 in 2010.
D)169.50 in 2008, 186.50 in 2009, and 219.00 in 2010.

Question

Table 24-10
The table below shows the prices of baseballs and baseball bats for three years. Assume the typical consumer's basket consists of 6 baseballs and 2 baseball bats. 
-Refer to Table 24-10. If 2009 is the base year, then the consumer price index was
A)83.00 in 2008, 100.00 in 2009, and 132.50 in 2010. 
B)89.97 in 2008, 100.00 in 2009, and 117.43 in 2010. 
C)90.88 in 2008, 100.00 in 2009, and 117.43 in 2010. 
D)169.50 in 2008, 186.50 in 2009, and 219.00 in 2010.

Quizplus · Accepted Answer

The consumer price index (CPI) is calculated by dividing the cost of the market basket in a given year by the cost of the market basket in the base year, then multiplying by 100. If 2009 is the base year, the CPI for 2009 is 100.00. The other values are calculated based on the relative cost of the market basket in 2008 and 2010 compared to 2009.

Table 24-10 The Table Below Shows the Prices of Baseballs and Baseball