Table 20-17 -Between 2015 and 2016,the CPI of a Small Nation Rose

question 27

Multiple Choice

Table 20-17
$$\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Nominal Average } \\\text { Hourly Earnings }\end{array} & \begin{array} { c } \text { CPI } \\( \mathbf { 1 9 8 2 - 1 9 8 4 } = \mathbf { 1 0 0 } ) \end{array} \\\hline 2014 & \$ 10 & 188.9 \\\hline 2015 & 11 & 195.3 \\\hline 2016 & 13 & 201.6 \\\hline\end{array}$$
-Between 2015 and 2016,the CPI of a small nation rose from 182 to 185.If household incomes rose by 3% during that period of time,which of the following is true?

• A)The purchasing power of household income rose between 2015 and 2016.
• B)The purchasing power of household income fell between 2015 and 2016.
• C)The purchasing power of household income remained constant between 2015 and 2016.
• D)The CPI cannot be used to determine how the purchasing power of household income changes over time.

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