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QUESTION
Suppose the consumer price index was 100 in the year 2000 and 200 in the year 2010. If the nominal price of apples has increased from 100 to 150 over...
Suppose the consumer price index was 100 in the year 2000 and 200 in the year 2010. If the nominal price of apples has increased from 100 to 150 over this period, the real price of apples has: (shown calculation)
a. fallen by 25 percent.
b. fallen by 50 percent.
c. risen by 50 percent.
d. risen by 25 percent.
