If the CPI is 120, this means that
A) prices are 120 percent higher than in the reference base period.
B) prices are 0.12 times higher than in the reference base period.
C) prices are 20 percent higher than in the reference base period.
D) the inflation rate must be positive.
Question 2
Which of the following statements about the comparison between GDP in China and in the United States is CORRECT?
A) Using the exchange rate to value China's GDP in dollars shows that China's GDP per person exceeds the GDP per person in the United States.
B) Using purchasing power parity prices to value China's GDP in dollars shows that China's GDP per person exceeds the GDP per person in the United States.
C) China's GDP per person is higher using purchasing power parity prices rather than the exchange rate when valuing China's GDP in dollars.
D) None of the above answers are correct because they are all false statements.
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