Sia
Question
Macroeconomics
Posted 9 months ago
The table below shows the consumer price index (CPI) over several years for Bloominonionland.
\begin{tabular}{ll}
Year & CPI \\
\hline 2015 & 94 \\
2016 & 100 \\
2017 & 104 \\
2018 & 103
\end{tabular}
Which of the following conclusions can be drawn based on this data?
Choose 1 answer:
(A) Prices increased between 2015 and 2017, but decreased between 2017 and 2018
(B) Prices increased over all four years
(C) 2015 is the base year
(D) The bundle of goods changed each year
(E) real GDP increased every year except between 2017 and 2018
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Answer from Sia
Posted 9 months ago
A
Key Concept
Consumer Price Index (CPI)
Explanation
The CPI measures changes in the price level of a market basket of consumer goods and services purchased by households. The CPI in Bloominonionland increased from 94 in 2015 to 104 in 2017, indicating that prices increased. However, the CPI decreased to 103 in 2018, suggesting a decrease in prices from the previous year.
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