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If the CPI was 110 last year and is 116 this year, what is this year’s rate of inflation?
Instructions: Round your answer to two decimal places. %
In contrast, suppose that the CPI was 110 last year and is 105 this year. What is this year’s rate of inflation?
What term do economists use to describe this second outcome? Inflation/deflation
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In year 1, nominal GDP for the US was 2,250 billion and in year 2 was 2,508 billion. The gdp deflator was 72 in year 1 and 79 in year 2, real gdp rose by? The answer has to be in percentage
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