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Suppose That 1982 Is the Base Year for the Consumer

Question 7

Multiple Choice

Suppose that 1982 is the base year for the Consumer Price Index (CPI) and in 2007 the CPI was 190.What does this "190" mean?


A) What cost $100 in 1982 on average cost 190 times as much in 2007.
B) What cost $100 in 1982 on average cost $190 in 2007.
C) What cost $100 in 1982 on average cost 0.19 times as much in 2007 (that is, it cost $19 in 2007) .
D) What cost $100 in 1982 on average cost $19 more in 2007.

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