Table 1. The table below applies to an economy with only two goods -hamburgers and hot dogs. The fixed basket consists of 4 hamburgers and 8 hot dogs. Price of Price of hot Year hamburgers dogs 2020 $ 5.00 $ 3.00 2021 5.50 3.30 2022 5.61 3.63 Refer to table 1. If the base year is 2020, then the economy's inflation rate in 2021 is O 10.91 percent O 11.11 percent 0 8 percent O 10 percent

Table 1. The table below applies to an economy with only two goods -hamburgers and hot dogs. The fixed basket consists of 4 hamburgers and 8 hot dogs. Price of Price of hot Year hamburgers dogs 2020 $ 5.00 $ 3.00 2021 5.50 3.30 2022 5.61 3.63 Refer to table 1. If the base year is 2020, then the economy's inflation rate in 2021 is O 10.91 percent O 11.11 percent 0 8 percent O 10 percent

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: Money Growth And Intlation

Section: Chapter Questions

Problem 6PA

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