The Consumer Price Index Was 177

question 153

Multiple Choice

The consumer price index was 177.1 in 2001 and 179.9 in 2002.Therefore, the rate of inflation in 2002 was about

• A)2.8 percent.
• B)3.4 percent.
• C)1.6 percent.
• D)4.1 percent.

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Definitions:

Consumption Function

A mathematical expression describing the association between gross national income and the total amount spent on consumption.

Least Squares Estimates

Least squares estimates are those that correspond to the smallest sum of squared distances, or errors.

Child Mortality

The statistical measure of the number of deaths of children under a certain age in a given population.

Literacy

The ability to read and write, a fundamental skill that affects an individual's opportunities in education, employment, and participation in society.