Looking at the following table,what is the rate of growth of the average price level from 2016 to 2017? $$\begin{array} { | c | c | c | }
\hline \text { Year } & \begin{array} { c }
\text { Nominal Average } \
\text { Hourly Earnings }
\end{array} & \begin{array} { c }
\text { CPI } \
( \mathbf { 2 0 1 6 } = \mathbf { 1 0 0 } )
\end{array} \
\hline 2016 & 10 & 100 \
\hline 2017 & 10 & 105 \
\hline 2018 & 12 & 110 \
\hline
\end{array}$$

Question

Looking at the following table,what is the rate of growth of the average price level from 2016 to 2017? $$\begin{array} { | c | c | c | } 
\hline \text { Year } & \begin{array} { c } 
\text { Nominal Average } \
\text { Hourly Earnings }
\end{array} & \begin{array} { c } 
\text { CPI } \
( \mathbf { 2 0 1 6 } = \mathbf { 1 0 0 } )
\end{array} \
\hline 2016 & 10 & 100 \
\hline 2017 & 10 & 105 \
\hline 2018 & 12 & 110 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The rate of growth of the average price level from 2016 to 2017 is calculated using the CPI values: ((105 - 100) / 100) * 100% = 5%.

Looking at the Following Table,what Is the Rate of Growth