Inflation Is a Major Concern for Economists

question 73

Multiple Choice

Inflation is a major concern for economists. Many are predicting higher inflation rate in the coming year. If a loaf of bread cost $1.99 last year and is now $2.25, determine the annual rate of inflation.

• A) 13.06%
• B) 11.08%
• C) 10.28%
• D) 9.54%
• E) 8.63%

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Definitions:

Social Exchange

A theory that describes social behavior in terms of the exchange of resources, such as information, goods, or services, between individuals or groups.

Economics

A social science concerned with the production, distribution, and consumption of goods and services, studying how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their desires and needs.

Cultural Exchanges

The sharing of ideas, customs, and social behavior between different cultures, often leading to increased understanding and tolerance.

Decade of the Brain

An initiative designated by the U.S. Congress for the 1990s aimed at enhancing public awareness of the benefits of brain research.