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:

Test-retest Reliability

A measure of consistency where the same test is administered to the same group at two different points in time to assess its stability over time.

Predictive Validity

The extent to which a score on a scale or test predicts scores on some criterion measure.

Typology

A systematic classification or study of types that shares common characteristics.

Assessment

Process of gathering information about a person’s symptoms and their possible causes.