If the Consumer Price Index Was 90 in One Year

question 165

Multiple Choice

If the Consumer Price Index was 90 in one year and 100 in the following year, then the rate of inflation was about

• A)9 percent.
• B)10 percent.
• C)11 percent.
• D)12 percent.

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Definitions:

Specialize

Refers to focusing on a specific area of study, work, or production to gain expertise and efficiency.

Production Possibilities

A concept in economics that describes the various combinations of goods and services that can be produced in an economy given its available resources and technology.

Joint Consumption

The characteristic of a good or service that can be consumed by more than one person at the same time without reducing its availability to others.

Production Possibilities Curve

A graphical representation showing the maximum number of goods or services that can be produced with a fixed amount of resources.