Use the table below to answer the following questions.
Table 5.3.1
Suppose a simple economy produces three goods only.The price and output data for two years are shown below.

-Refer to Table 5.3.1.The reference base period is 2002.The CPI in 2002 is
A)158.
B)96.
C)63.
D)100.
E)1,340.

Question

Use the table below to answer the following questions.
Table 5.3.1
Suppose a simple economy produces three goods only.The price and output data for two years are shown below.
 
-Refer to Table 5.3.1.The reference base period is 2002.The CPI in 2002 is
A)158. 
B)96. 
C)63. 
D)100. 
E)1,340.

Quizplus · Accepted Answer

The CPI in the reference base period is always 100 by definition. Therefore, the CPI in 2002 is 100.

Use the Table Below to Answer the Following Questions