If the CPI Equaled 1

question 75

Multiple Choice

If the CPI equaled 1.00 in 1995 and 1.65 in 2005 and a typical household's income equaled $35,000 in 1995 and $40,000 in 2005, then between 1995 and 2005, real household income:

• A) increased.
• B) decreased.
• C) was constant.
• D) may have either increased or decreased.

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Definitions:

Data Tabulation

The process of organizing data into tables or charts for easier analysis and interpretation.

Data Visualization

The graphical representation of information and data, using visual elements like charts, graphs, and maps to make data more easily understandable.

Data Mining

The process of analyzing large datasets to uncover patterns, correlations, and trends that can inform decision-making.

Cross Tabulation

A method of presenting and analyzing data involving two or more variables to discover relationships in the data. Also known as cross tab.