You Know That the Consumer Price Index (CPI)at the Beginning

question 22

Multiple Choice

You know that the consumer price index (CPI) at the beginning of this year was 250 and the rate of inflation was 14 percent; this would mean the

• A) price of cat food increased by exactly 14 percent.
• B) CPI at the beginning of last year was 215.
• C) price of dog food probably fell.
• D) CPI at the end of the year was 285.
• E) rate of inflation next year will be more than 14 percent.

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Definitions:

Large Factory

A significantly sized manufacturing facility where goods are produced at larger scales, often involving complex machinery and numerous workers.

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Resources such as labor, materials, and capital that are used in the production process of goods and services.

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