The Consumer Price Index Was 177

question 237

Multiple Choice

The consumer price index was 177.1 last year and 179.9 this year. Therefore, the current rate of inflation is about

• A) 2.8 percent.
• B) 3.4 percent.
• C) 1.6 percent.
• D) 4.1 percent.

---

Definitions:

Optimal Decision

The best choice available from a set of alternatives, given a specific set of criteria or constraints.

Modern Environment

The contemporary physical, social, economic, and political surroundings in which individuals or societies exist.

Laws Of Probability

The mathematical rules that describe the likelihood of certain events occurring, which govern random events and can predict the outcomes of complex systems.

Gambler's Fallacy

The false notion that if an event takes place more often than usual over a certain span, its occurrence will diminish in the future, or the contrary.