Use the following information to answer the following questions.
In the country of Shem, the CPI is calculated using a market basket consisting of 5 apples, 4 loaves of bread, 3 robes, and 2 litres of gasoline. The per-unit prices of these goods have been as follows:
Table 6-3
-Refer to Table 6-3. What was the inflation rate, as measured by the CPI, between 2009 and 2010?
Definitions:
Medium Of Exchange
An item that buyers give to sellers when they want to purchase goods and services.
Standard Of Living
The degree of wealth and material comfort available to a person or community, often measured by factors such as income, quality of housing, and access to healthcare and education.
Medium Of Exchange
An intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties.
M2
A measure of the money supply that includes cash, checking deposits, and easily convertible near money like savings deposits and money market securities.
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