Suppose That the Consumer Price Index at Year-End 2008 Was

question 178

Multiple Choice

Suppose that the consumer price index at year-end 2008 was 140 and by year-end 2009 had risen to 150. What was the inflation rate during 2009?

• A) 7.1 percent
• B) 10 percent
• C) 14.2 percent
• D) 50 percent

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Definitions:

Random Sample

A sample drawn from a population where every member had an equal opportunity to be selected.

Sample Mean

The average of all the values in a sample, used as an estimate of the population mean.

Proportion

A statistical measure that denotes the fraction or percentage of the total that exhibits a particular trait or characteristic.

Sampling Plans

Detailed strategies that outline the selection and evaluation of a group of individuals from a statistical population to estimate characteristics of the whole population.