The Price Index Was 220 in One Year and 238

question 106

Multiple Choice

The price index was 220 in one year and 238.2 in the next year.What was the inflation rate?

• A)8.3 percent
• B)108.3 percent
• C)4.8 percent
• D)38.2 percent

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Definitions:

Household Income

The total amount of money earned by the members of a household, contributing to the household's economic position.

Income Inequality

The lopsided distribution of economic income among different members, such as individuals or families, within an economy.

Gini Ratios

A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality), where a higher Gini coefficient indicates higher inequality.

Income Inequality

The uneven distribution of income within a population, leading to gaps between the wealthiest and poorest individuals.