Use the following information to answer the following questions.
In the country of Shem, the CPI is calculated using a market basket consisting of 5 apples, 4 loaves of bread, 3 robes, and 2 litres of gasoline. The per-unit prices of these goods have been as follows:
Table 6-3

-Refer to Table 6-3. For the CPI, what is the base year?

Question

Use the following information to answer the following questions.
In the country of Shem, the CPI is calculated using a market basket consisting of 5 apples, 4 loaves of bread, 3 robes, and 2 litres of gasoline. The per-unit prices of these goods have been as follows:
Table 6-3
 
-Refer to Table 6-3. For the CPI, what is the base year?

Quizplus · Accepted Answer

The base year is the benchmark against which other years are compared, and it changes occasionally. The CPI is recalculated periodically, and the year with the most recent calculation becomes the new base year.

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