The CPI in 1974 equaled 0.49. The CPI in 1975 equaled 0.54. Use the CPI from both years to answerthe following two questions.a.) The rate of inflation between 1974 and 1975 was[ Select ]percent.b.) Let's say that average family incomes increased by 8% from 1974 to 1975 in nominal terms. Thisimplies that the average real income for families in 1975 [ Select ], compared totheir purchasing power in 1974.

he CPI in 1974 equaled 0.49. The CPI in 1975 equaled 0.54. Use the CPI from both years to answer he following two questions. .) The rate of inflation between 1974 and 1975 was [ Select ] percent. .) Let's say that average family incomes increased by 8% from 1974 to 1975 in nominal terms. This mplies that the average real income for families in 1975 [Select ] , compared to neir purchasing power in 1974.