Table 16-12

question 285

Multiple Choice

Table 16-12.Will's expenditures on food for three consecutive years,along with other values,are presented in the table below.

-Refer to Table 16-12.Suppose Will's 2009 food expenditures in 2011 dollars amount to $5,750.Then the inflation rate for 2011 is about

• A) 9.08 percent.
• B) 9.52 percent.
• C) 10.24 percent.
• D) 10.78 percent.

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Definitions:

Trade Deficit

An economic measure of a negative balance of trade where a country's imports exceed its exports.

Trade Surplus

A situation where the value of a country's exports exceeds the value of its imports, indicating a positive balance of trade.

Net Exports

The difference between a country’s total exports of goods and services and its total imports of them. Positive net exports indicate a trade surplus, while negative net exports indicate a trade deficit.

Chinese Currency

The official currency of China, known as the Renminbi (RMB) or commonly referred to as the Yuan (CNY).