i. No systematic approach to collecting and reporting data in index form was evident in North America until about 1900.
Ii) The CPI can be used in determining "real" income.
Iii) Purchasing power of the dollar is determined by finding the inverse of the CPI
A) (i), (ii) and (iii) are all correct statements
B) (i) and (ii) are correct statements, but not (iii).
C) (i) and (iii) are correct statements but not (ii).
D) (ii) and (iii) are correct statements but not (i).
E) All statements are false

Question

Quizplus · Accepted Answer

(i) and (ii) are correct statements because they are true statements about the CPI. (iii) is incorrect because the purchasing power of the dollar is determined by dividing 100 by the CPI, not by finding the inverse of the CPI.

I No Systematic Approach to Collecting and Reporting Data in Index