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:

Unit of Labor

A measurement used to represent an hour of work or effort by a worker or laborer.

Wage Rate

The amount of money paid to an employee for a specified quantity of work, often expressed per hour or year.

Marginal Revenue Product

The extra income produced by the use of an additional unit of a resource, for example, labor or capital.