Solve the Problem What Is the Percent Increase of a Market Basket of (CPI)is

question 68

Multiple Choice

Solve the problem.
-A part of the Consumer Price Index (CPI) is given below: $$\begin{array} { l | c | c | c | c | c } \text { Year } & 1975 & 1980 & 1985 & 1990 & 1995 \\\hline \text { CPI } & 53.8 & 82.4 & 107.6 & 130.7 & 152.4\end{array}$$ What is the percent increase of a market basket of goods from 1975 to 1985? Round the percent to the nearest integer.

• A)54%
• B)200%
• C)50%
• D)100%

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Definitions:

Natural Rate

Refers to the level of unemployment when the labor market is in equilibrium, accounting for frictional and structural unemployment but not cyclical unemployment.

Bureau of Labor Statistics

A U.S. government agency responsible for collecting and analyzing economic data, particularly labor market activity, working conditions, and price changes.

Labor Force

The total number of people employed and unemployed but seeking employment within an economy.

Labor Force

The total number of people, including both the employed and the unemployed, who are actively looking for work.