If the Price Level Increased from 120 to 126, Then

question 178

Multiple Choice

If the price level increased from 120 to 126, then what was the inflation rate?

• A)3 percent
• B)5 percent
• C)6 percent
• D)None of the above is correct.

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Definitions:

Relative Frequency Approach

A method for estimating probabilities by dividing the number of observed occurrences of an event by the total number of observations.

Wireless Phone

A communication device that does not require a physical connection to a telephone network, often referring to mobile or cordless phones.

Next Customer

The following or upcoming client to be served or attended to in a service setting.

Probability

A measure of the likelihood that an event will occur.