The Consumer Price Index (1982-84 = 100) Reports a CPI

question 72

Multiple Choice

The Consumer Price Index (1982-84 = 100) reports a CPI in August 2010 for Rent of Shelter as 239.115. What is the percentage change in the price of Rent of Shelter compared to the base?

• A) Increased 139.115 percent
• B) Decreased 139.115 percent
• C) Increased 239.115 percent
• D) Decreased 239.115 percent

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Definitions:

United States

A nation situated in North America, made up of 50 states and one federal district, renowned for its vast economy and varied demographics.

Factors of Production

The inputs used in the production of goods or services in the process of economic activity, including land, labor, capital, and entrepreneurship.

Inputs

Resources such as labor, capital, and materials used in the production process to create an output.

Marginal Product

The additional output that is produced by adding one more unit of a specific input while holding all other inputs constant.