Suppose That 1983 Is the Base Year for the Consumer

question 151

Multiple Choice

Suppose that 1983 is the base year for the Consumer Price Index (CPI) and in 2019 the CPI is 254.What does this "254" mean?

• A) What cost $100 in 1983 on average cost 254 times as much in 2019.
• B) What cost $100 in 1983 on average cost $254 more in 2019.
• C) What cost $100 in 1983 on average cost 100/254 (or 0.39)times as much in 2019.
• D) What cost $100 in 1983 on average cost $154 more in 2019.

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Definitions:

Selectively Providing

The strategy of offering resources or information to specific groups or individuals based on certain criteria or needs.

Structuring Events

Key occurrences or interventions that shape the direction, dynamics, or framework within which activities and processes operate.

Technological Change

Refers to the process of innovation and the adoption of new or improved technologies, products, or processes within an organization or society.

Work Needs

Requirements or necessities that individuals seek to fulfill through their employment, such as income, satisfaction, and development opportunities.