If the CPI Was 110 This Year and 100 Last

question 113

Multiple Choice

If the CPI was 110 this year and 100 last year,then

• A)the cost of the CPI basket of goods and services increased by 10 percent this year.
• B)the price level increased by 110 percent this year.
• C)the inflation rate for this year was 10 percent higher than the inflation rate for last year.
• D)All of the above are correct.

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Definitions:

Mead

A fermented beverage made from honey, water, and sometimes fruits, grains, spices, or hops.

Generalized Other

People who don’t have close ties to a child but who influence the child’s internalization of society’s norms and values.

Society's Norms

The unwritten rules and expectations that guide behavior and interactions within a community or society.

Accrued Wages

Wages that have been earned by employees but have not yet been paid by the employer.