Tackle the Test: Multiple-Choice Questions

  1. Question

    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
    If the cost of a market basket of goods increases from $100 in year 1 to $108 in year 2, the consumer price index in year 2 equals if year 1 is the base year.
  2. Question

    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
    If the consumer price index increases from 80 to 120 from one year to the next, the inflation rate over that time period was
  3. Question

    2wByyie9VsHawAGl8AzE5eLkjfmQBFAtmXAw/IPLSclKJBtj5U/lmC7sT1hbLW0++V/m1peMZSyEmClCPeSlhr3VvA0FvnBK/bChgzJX4IiFsXq4eFwNYF3u9gFXw8cSpQRWU29qT0CmJFF8GRmnTFqHTdWj9flygguSY2O4IunvbVuiBSKq2hkSTwKn08B/rst7l5OHutAYy+Iz5rm0aVjWVdrIHz9Rrx/HE7/JNNlLy7ItIZzAY7qZNjpbrOYlK6noexWZO3LMZF9o8eQafWScm9QBKYC989DfuddhGjBSbySV3fCO8XfRviTweu91iAO9D927d1agD3zJyfEwRz3dQbmHC0RLyLzYN6uTu2v9yZeW4GiNOF+CSUgWzkvFp/ywey3FyIbp0NgY4H0MQSxKwKFPW+A5wdcSK/NH4tradPzFhokuHAQHACfE9SQ50Js5UII4M6iVu3JER2HKz+U3vUiDSEx1wAyUH+J5A9PLWvMtrEP/A4zLKd+Jt9ipAoz92fOACr4eHaWdAF6X8FRRjEOrombL53bbcKxMSCOl0YA6ShCvYzyRYZq8DpJzBurSXNcCeVeFREICEQZl0GgH+T9aNa2LL9hDvcJQsSTnpkApdWJkdmWXPOKEDfFBt1sW1x4ETqiXVxG+M3wr/KjBMEGadCrEPcNedtfiX6397bIchjJS4rThsDfXFjv+1xidRFhhu67w2mAKqNOQUo9RbxLACpT9Ac7DvMyfGQQborkKwibORCm24egXeIa9yk8k1652jKGFfdSlH9ZQy1sAXnNVTLaTLIG2OI4msUOVyPHobOaHOZG7vaFp5/94wDSnepbb1M2JKk0ZqnnIXkyBa2u02NJhrnLAjM0+Jnk2R+qrOPUgaAKmyj6y2+pGYUPGu0i+B+h5ldUAbGB5zXSVxkNjqfMAl1Jj/Neo96bh4obmKVb2fipF+BwE9KuR2gii6ttYB85ZU7WIsfw7wN8edBgLT+6tJ3n3CLRkE9xMu0Z8hwTyNCretnthh5JYwhN3rmxT6N9Q4bmFgJ4QJeBCe9LR+F3JwEVgiKAlRZ0fQL40JUyONz6e9XkMGntB9zsfpnZHYGrlwXMU5NmsVPXfL0Ya0Hq1a/VrfPWrYsjK/giFklYAmgiE7FAWn0cp9xpcNnKVel1Au7pB60hJ5BDYvJeGs8/3cSEwI/maAqJ1pjm1aZ7sHdAxcXhm9e2NuafW6jg1zX9cfU71cR5xMMafu2S32ua5T/zPVyMhtP9NqRvFrSm1LfSjh+l78plbx+wXUG51ByC2TpO+YhHfDVSVeikCGGxjo9HGWWFjNMmxMmvmKs6zIYhg1qETK2yhdlBVl1jlUr1EY3CRZGJc7zkRpuYNsu0tjwjx6PAk1LAlAEYgRoQySICMM9vIEZLpbdNEsCfOEMnw8IvNEJf/0VS4z0fsNBG7p7BAipA4a6ypoFvE7XTKSASfkWTa5dbkgXzIfwdv8PAJ+QvPVOKUApf4k0WT1xwgQwurd/AHoLg=
    Which of the following is true of the CPI?
  4. Question

    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
    The value of a price index in the base year is
  5. Question

    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
    If your wage doubles at the same time as the consumer price index goes from 100 to 300, your real wage