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The chart below shows the annual earnings of a worker and the level of the consumer price index (CPI). Use this information to answer questions 1 through 3.
Year Earnings CPI
1994 $50,600 200.00
1995 $52,000 202.00
1996 $52,000 210.00
1997 $53,560 214.2
1. In which year was the rate of inflation the highest?
A. 1995
B. 1996
C. 1997
D. Cannot tell without knowing the base year.
2. In which year was the worker's real earnings the highest?
A. 1994
B. 1995
C. 1996
D. 1997
3. What was the approximate percent change in the worker's real earnings from 1996 to 19977?
A. +5%
B. +3%
C. +2%
D. +1%
E. -1%
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