Table 13-19 -Refer to Table 13-19

Table 13-19
$\begin{array}{|c|c|c|}\hline \text { Year } & \begin{array}{c}\text { Nominal Average Hourly } \\\text { Earnings }\end{array} & \begin{array}{c}\text { CPI } \\(\mathbf{1 9 8 2 - 1 9 8 4}=\mathbf{1 0 0}) \end{array} \\\hline 2016 & \$ 10 & 100 \\\hline 2017 & 10 & 105 \\\hline 2018 & 12 & 110 \\\hline\end{array}$
-Refer to Table 13-19.Looking at the table above,what is the rate of growth of the average price level from 2016 to 2017?

A) 1%
B) 2%
C) 3%
D) 4%
E) 5%

Correct Answer:

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