Asked by Jordan Hidayat on Jun 09, 2024
Verified
Refer to Table 23-4. This country's inflation rate from 2016 to 2017 was
A) 25.0%.
B) 23.1%.
C) 26.1%.
D) 18.8%.
Inflation Rate
The rate at which the overall cost of goods and services rises over a given time frame.
Base Year
A reference year against which economic growth, inflation, or other economic indicators are measured.
Quantities
The amount or number of a material or item measured or produced.
- Understand the major signs of economic effectiveness, including GDP per person and the rate of inflation.
Verified Answer
9A
9GG#SoNe alwaysJun 15, 2024
Final Answer :
B
Explanation :
The inflation rate is calculated using the formula: [(New Price Index - Old Price Index) / Old Price Index] * 100. From 2016 to 2017, the price index increased from 130 to 160. Using the formula: [(160 - 130) / 130] * 100 = 23.1%.
Learning Objectives
- Understand the major signs of economic effectiveness, including GDP per person and the rate of inflation.