If the Consumer Price Index (CPI)is 220 One Year and 210

question 78

Multiple Choice

If the consumer price index (CPI) is 220 one year and 210 the next,the annual rate of inflation as measured by the CPI is approximately _____.

• A)−2.3 percent
• B)−4.6 percent
• C)10 percent
• D)4.8 percent
• E)220 percent

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Definitions:

Quantity Supplied

The complete quantity of a product or service that suppliers are prepared to offer for sale at an established price during a defined timeframe.

Price Of Product

The amount a customer pays to acquire a product or service.

Product X

A placeholder name commonly used to refer to an unspecified or anonymous product in discussions or analyses.

Eliminating The Shortage

Actions or policies aimed at resolving the situation where demand exceeds supply for a good or service, usually by increasing supply or reducing demand to restore market equilibrium.