In the Current Year, the CPI Is 122 and During

question 54

Multiple Choice

In the current year, the CPI is 122 and during the previous year the CPI was 115. The inflation rate between these years is

• A) 5.7 per cent.
• B) -6.1 per cent.
• C) 1.61 per cent.
• D) 6.1 per cent.
• E) -5.7 per cent.

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Definitions:

Drilling Rights

Legal permissions granted to an individual or company to explore and extract resources from the land.

Adjusting Entry

At the close of an accounting cycle, records are made in the accounting books to apportion earnings and expenditures to the actual period of occurrence.

Gallons

A unit of volume for liquid measurements in the United States, equivalent to 3.785 liters.

Mineral Rights

The legal rights to explore, extract, and sell minerals from a piece of land.