multiple choice question\nif the base year is 1983, and the cpi in 2003 is 184, then prices were ______…
multiple choice question\nif the base year is 1983, and the cpi in 2003 is 184, then prices were ______ percent higher in 2003 than 1983.\no 84\no 8.4\no 18.4\no 184
Answer
Explanation:
Step1: Recall CPI formula for percentage - change
The CPI (Consumer Price Index) in the base - year is 100. The formula to find the percentage increase in prices from the base - year to another year is $\text{Percentage Increase}=\text{CPI in given year}-\text{CPI in base year}$.
Step2: Substitute the values
Given that the CPI in the base year (1983) is 100 and the CPI in 2003 is 184. Then the percentage increase in prices from 1983 to 2003 is $184 - 100=84$.
Answer:
84