Asked by Jonnathan Macias on May 30, 2024
Verified
The inflation rate is the absolute change in the price level from the previous period.
Absolute Change
The difference between the final value and the initial value of a quantity, without regard to the direction of change.
Price Level
A summary average of current prices for the full spectrum of goods and services in the economy.
- Comprehend how to determine inflation rates through the analysis of Consumer Price Index data.
Verified Answer
NF
Nicole ForoghiJun 01, 2024
Final Answer :
False
Explanation :
The inflation rate is the percentage change in the price level from the previous period, not the absolute change.
Learning Objectives
- Comprehend how to determine inflation rates through the analysis of Consumer Price Index data.