Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been selected as the base year. In 2012, the basket's costwas S77: in 2013. the basket's cost was $82; and in 2014, the basket's cost was $90. The value of the CPI in 2014 wasO a. 109.8 and the inflation rate was 9.8%.O b. 109.8 and the inflation rate was 16.9%.O c. 116.9 and the inflation rate was 9.8.O d. 116.9 and the inflation rate was 16.9%.

"CPI is computed by multiplying 100 by the ratio of basket's cost in the particular year to the…

Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been selected as the base year. In 2012, the basket's cost was S77; in 2013, the basket's cost was S82; and in 2014, the basket's cost was $90. The value of the CPI in 2014 was O a. 109.8 and the inflation rate was 9.8%. O b. 109.8 and the inflation rate was 16.9%. c. 116.9 and the inflation rate was 9.8%. O d. 116.9 and the inflation rate wvas 16.9%.

Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been selected as the base year. In 2012, the basket's cost was S77; in 2013, the basket's cost was S82; and in 2014, the basket's cost was $90. The value of the CPI in 2014 was O a. 109.8 and the inflation rate was 9.8%. O b. 109.8 and the inflation rate was 16.9%. c. 116.9 and the inflation rate was 9.8%. O d. 116.9 and the inflation rate wvas 16.9%.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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