Question

The consumer price index compares the cost of goods and services over various years. The same goods and services that cost 100 in 1967 cost 148.50 in ____. In what period of time did the same goods and services cost double that of 1967?

Answer 1

To determine when the CPI reached a value that is double that of 1967, one would need to consult historical CPI data or tables to pinpoint the year the CPI hit 200, representing a 100% increase over the 1967 baseline.

Step-by-step explanation:

The Consumer Price Index (CPI) measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. To determine the period in which the cost of the same goods and services doubled that of 1967, we would look at historical CPI data. Assuming that a value of 100 represents the cost in 1967, a doubling would mean the CPI would need to reach 200. Historical inflation data would be required to find the exact year when the CPI reached this level.

Using the given example, if in a certain year the CPI was 148.50, this does not represent a doubling of the cost from 1967; it's an increase of 48.5% over the baseline of 100. To find when the CPI reached 200, we would consult a historical CPI table or data set from trusted sources like the U.S. Bureau of Labor Statistics. Without additional specific data, the exact year cannot be given, but it would involve tracking the CPI's annual percentage change over time.