Suppose the consumer price index was 100 in 2000 and 300 in 2010.This implies that the average price level:
A)increased by 20 percent during this period.
B)increased by 100 percent during this period.
C)increased by 200 percent during this period.
D)increased by 300 percent during this period.

Question

Quizplus · Accepted Answer

The consumer price index increased from 100 to 300, which is an increase of 200 points. To determine the percentage increase, we can use the formula: (New value - Old value) / Old value x 100%. Thus, the percentage increase is (300-100)/100 x 100% = 200%, which means that the average price level increased by 200 percent during this period.

Suppose the Consumer Price Index Was 100 in 2000 and 300