The reference base period for the CPI is 1982 – 1984. In April 2020, the CPI was 256.4 . What can we conclude from this information? The CPI in April 2020 tells us that the _______ of the prices paid by urban consumers for a fixed basket of consumer goods and services was _______.
The reference base period for the CPI is 1982 – 1984. In April 2020, the CPI was 256.4 . What can we conclude from this information? The CPI in April 2020 tells us that the _______ of the prices paid by urban consumers for a fixed basket of consumer goods and services was _______.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Measuring The Cost Of Living
Section: Chapter Questions
Problem 4QR
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Question
The reference base period for the CPI is
1982
–
1984.
In
April
2020, the CPI was
256.4
.
What can we conclude from this information?
The CPI in
April
2020 tells us that the _______ of the prices paid by urban consumers for a fixed basket of consumer goods and services was _______.
A.
inflation rate;
156.4
percent per year
B.
inflation rate;
256.4
percent per year
C.
average;
256.4
percent higher
in
April
2020 than the average of
1982
–
1984
D.
average;
156.4
percent higher
in
April
2020 than the average of
1982
–
1984
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