If the CPI for 2008 was 112,the typical market basket purchased that year would cost
A) 12 percent more than the same market basket purchased the previous year
B) 112 percent more than the same market basket purchased the previous year
C) 12 percent more than the same market basket purchased in the base year
D) 112 percent more than the same market basket purchased in the base year
E) more than the same market basket purchased during any previous year

Question

Quizplus · Accepted Answer

The CPI of 112 indicates that the cost of the market basket in 2008 is 12 percent higher than in the base year, which has a CPI of 100.

If the CPI for 2008 Was 112,the Typical Market Basket