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 2014. The CPI in 2002 is
A)100.
B)157.
C)129.
D)63.
E)152.

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 2014. The CPI in 2002 is
A)100. 
B)157. 
C)129. 
D)63. 
E)152.

Quizplus · Accepted Answer

The reference base period is 2014, which means the CPI for 2014 is set to 100. The CPI in 2002 is given as 63, indicating that the price level in 2002 was 63% of the price level in the base year 2014.

Use the Table Below to Answer the Following Questions