If the Average Price for Gasoline in 2001 and 2006

question 55

Short Answer

If the average price for gasoline in 2001 and 2006 was $1.46 per gallon and $2.59, respectively, the simple price index for 2006 is ________%.

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Definitions:

Good

A material item or service that satisfies a need or desire and is available for purchase or trade.

Demand-Side

Economic policies or concepts focused on increasing demand for goods and services as a way to stimulate economic growth.

Market Failures

Situations where the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.

Shortage

The amount by which the quantity demanded of a product exceeds the quantity supplied at a particular (below-equilibrium) price.