The Price Level Has Doubled in 35 Years

question 144

Multiple Choice

The price level has doubled in 35 years.The approximate annual percentage rate of increase in the price level over this period has been:

• A)50 percent.
• B)20 percent.
• C)5 percent.
• D)2 percent.

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Definitions:

Suppresses

To forcibly put an end to something, such as opposition, a rebellion, or the manifestation of a feeling or condition.

Rank

A position in a hierarchy that often denotes levels of authority or status within organizations, societies, or military.

Basic Resources

Fundamental elements or inputs needed for the functioning of an economy or ecological system, such as water, minerals, energy, and arable land.

Equal

Describes a state of being the same in quantity, size, degree, or value, often applied to mathematical entities, rights, and opportunities.