How do we calculate the inflation rate and what is its relationship with the CPI?
What will be an ideal response?
The inflation rate is the percentage change in a price index from one year to the next. The rate of change of the CPI is often used as a measure of inflation as faced by consumers.
Economics
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Refer to Figure 4-9. What area represents the portion of consumer surplus that has been transferred to producer surplus as a result of the price floor?
A) E B) B + C C) B D) B + E
Economics
Which of the following is not an administrative burden of our tax system?
a. government resources used to enforce tax laws b. keeping tax records throughout the year c. paying the taxes owed d. time spent in April filling out forms
Economics