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Chapter 22: Q 16 (page 553)

What has been a typical range of inflation in the U.S. economy in the last decade or so?

Short Answer

Expert verified

The U.S. economy depicts an annual inflation rate range between 2% to 4% between last decade or so.

Step by step solution

01

CPI

In US economy inflation is measured by consumer price index (CPI).

A price index where the weighted average of prices of a basket of consumer goods and services is examined.

02

Step 2. US

CPI is one the most frequently used index in the economy for measuring inflation and deflation . It can also be compared with PPI According to CPI of US in last decade it shows inflation range between 2% to 4%.

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Most popular questions from this chapter

What is indexing?

Over the last century, during what periods was the U.S. inflation rate highest and lowest?

Inflation rates, like most statistics, are imperfect measures. Can you identify some ways that the inflation rate for fruit does not perfectly capture the rising price of fruit?

What is deflation?

Given the federal budget deficit in recent years, some economists have argued that by adjusting Social Security payments for inflation using the CPI, Social Security is overpaying recipients. What is their argument, and do you agree or disagree with it?
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