Suppose the CPI for the Year 2010 Is 133

question 82

Multiple Choice

Suppose the CPI for the year 2010 is 133.7.This number means that

• A) on average, goods cost $133.70 each in the year 2010.
• B) prices rose 33.7 percent over the last year.
• C) prices rose 133.7 percent over the base year.
• D) prices rose 33.7 percent over the base year.
• E) prices rose 133.7 percent over the last year.

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Definitions:

Normally Distributed

Describes a dataset that follows a normal distribution curve, characterized by its bell shape and defined by its mean and standard deviation.

Standard Deviation

An index measuring the breadth of diversity or spread among data points.

Average Wage

The mean salary or earnings of a group of workers, calculated by dividing the total wages of the group by the number of workers.

Exponential Distribution

A probability distribution that describes the time between events in a process where events occur continuously and independently at a constant average rate.