Suppose That 1983 Is the Base Year for the Consumer

question 151

Multiple Choice

Suppose that 1983 is the base year for the Consumer Price Index (CPI) and in 2019 the CPI is 254.What does this "254" mean?

• A) What cost $100 in 1983 on average cost 254 times as much in 2019.
• B) What cost $100 in 1983 on average cost $254 more in 2019.
• C) What cost $100 in 1983 on average cost 100/254 (or 0.39)times as much in 2019.
• D) What cost $100 in 1983 on average cost $154 more in 2019.

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Definitions:

Sales Orientation

A business approach focused on selling as many products as possible without necessarily considering customer needs and wants.

Marketing Analytics

The method of evaluating, controlling, and examining marketing achievements to enhance efficiency and improve the return on investment (ROI).

Distribution Factors

The elements that influence the distribution of goods from manufacturers to consumers, including transportation, warehousing, and retail channels.

Marketing Concept

A philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.