If the overall Consumer Price Index (CPI) was 216.6 in 2011, then the price of:
A) every good and service consumers purchased increased by 116.6 percent from the base period to 2011.
B) every good and service consumers purchased increased by 216.6 percent from the base period to 2011.
C) a market basket of goods and services consumers typically purchased increased by 116.6 percent from the base period to 2011.
D) a market basket of goods and services consumers typically purchased increased by 216.6 percent from the base period to 2011.

Question

Quizplus · Accepted Answer

The Consumer Price Index (CPI) measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. A CPI of 216.6 means that the cost of this market basket has increased by 116.6 percent from the base period (not 216.6 percent, which would imply the prices more than tripled).

If the Overall Consumer Price Index (CPI) Was 216