If the Price Index Is 100 in the Base Year

question 7

Multiple Choice

If the price index is 100 in the base year, and 104 in the next year, what happened to prices?

• A) Prices increased by 6%.
• B) Prices decreased by 6%.
• C) Prices increased by 4%.
• D) Prices decreased by 4%.
• E) Prices did not change.

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Definitions:

Electronic Claims Tracking

The process of using digital tools and systems to monitor and manage the submission and processing of insurance claims.

Bartering of Goods

The exchange of products or services for other products or services without using money, an ancient trade method still used in some contexts today.

Manual Claims Tracking

A process where insurance claims are tracked by hand or through basic computer systems rather than automated software, requiring human input and organization.

Claim Scrubber Program

Computer software used in healthcare administration to check medical claims for errors and compliance with regulatory standards before they are sent to insurers for payment.