Table 13-19
$\begin{array}{|c|c|c|}
\hline \text { Year } & \begin{array}{c}
\text { Nominal Average Hourly } \
\text { Earnings }
\end{array} & \begin{array}{c}
\text { CPI } \
(\mathbf{1 9 8 2 - 1 9 8 4}=\mathbf{1 0 0})
\end{array} \
\hline 2016 & \$ 10 & 100 \
\hline 2017 & 10 & 105 \
\hline 2018 & 12 & 110 \
\hline
\end{array}$
-Refer to Table 13-19.Looking at the table above,what is the rate of growth of the average price level from 2017 to 2018?
A) 1%
B) 2%
C) 3.5%
D) 4.76%
E) 5.25%

Question

Table 13-19
 $\begin{array}{|c|c|c|}
\hline \text { Year } & \begin{array}{c}
\text { Nominal Average Hourly } \
\text { Earnings }
\end{array} & \begin{array}{c}
\text { CPI } \
(\mathbf{1 9 8 2 - 1 9 8 4}=\mathbf{1 0 0})
\end{array} \
\hline 2016 & \$ 10 & 100 \
\hline 2017 & 10 & 105 \
\hline 2018 & 12 & 110 \
\hline
\end{array}$
-Refer to Table 13-19.Looking at the table above,what is the rate of growth of the average price level from 2017 to 2018?
A) 1%
B) 2%
C) 3.5%
D) 4.76%
E) 5.25%

Quizplus · Accepted Answer

The rate of growth of the average price level (CPI) from 2017 to 2018 is calculated as $(110 - 105) / 105 \times 100 = 4.76\%$.

Table 13-19 -Refer to Table 13-19