Assume that between 2012 and 2013, the CPI of a country rose from 182 to 185. If household incomes rose by 3 per cent during that period of time, then which of the following is true?

Question

Answer

The purchasing power of household income rose between 2012 and 2013.

Answer

The purchasing power of household income remained constant between 2012 and 2013.

Answer

The purchasing power of household income fell between 2012 and 2013.

Answer

The CPI cannot be used to determine how the purchasing power of household income changes over time.

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Assume that between 2012 and 2013, the CPI of a country rose from 182 to 185. If...

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