Suppose That 1982 Is the Base Year for the Consumer

question 24

Multiple Choice

Suppose that 1982 is the base year for the Consumer Price Index (CPI) and in 2007 the CPI was 190.What does this "190" mean?

• A) What cost $100 in 1982 on average cost 190 times as much in 2007.
• B) What cost $100 in 1982 on average cost $190 in 2007.
• C) What cost $100 in 1982 on average cost 0.19 times as much in 2007 (that is, it cost $19 in 2007).
• D) What cost $100 in 1982 on average cost $19 more in 2007.

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Definitions:

Standard Deduction

A fixed dollar amount that reduces the income you're taxed on, which varies according to your filing status.

Single Taxpayer

A tax filing status for individuals who are unmarried, divorced, or legally separated, and do not qualify for another filing status.

Situational Approach

A leadership framework which suggests that the most effective style of leadership is contingent upon the situation at hand.

Criticism

The expression of disapproval of someone or something based on perceived faults or mistakes.