The Table Shown Provides CPI Values for Various Years

question 5

Multiple Choice

The table shown provides CPI values for various years. What was the inflation rate in 2016?

• A) 2.9 percent
• B) −1.9 percent
• C) 1.9 percent
• D) 4 percent

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Definitions:

Standard Costs

The preset costs for delivering a product or service under normal conditions.

Pounds

Pounds refer to a unit of mass used in the imperial system, or can also refer to the British currency (GBP).

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are a significant portion of the product's cost.

Selling and Administrative Expenses

Costs related to selling a product and managing a business, excluding direct production costs.