Table 11-4
The table below pertains to Wrexington, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys. $$\begin{array} { | c | c | c }
\text { Year } & \begin{array} { c }
\text { Price of } \
\text { Meat }
\end{array} & \begin{array} { c }
\text { Price of a } \
\text { Tryy }
\end{array} \
\hline 2004 & \$ 3 \text { per pound } & \$ 2 \
\hline 2005 & \$ 1 \text { per pound } & \$ 7 \
\hline 2006 & \$ 4 \text { per pound } & \$ 5 \
\hline
\end{array}$$
-Refer to Table 11-4. The inflation rate was

Question

Table 11-4
The table below pertains to Wrexington, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys. $$\begin{array} { | c | c | c } 
\text { Year } & \begin{array} { c } 
\text { Price of } \
\text { Meat }
\end{array} & \begin{array} { c } 
\text { Price of a } \
\text { Tryy }
\end{array} \
\hline 2004 & \$ 3 \text { per pound } & \$ 2 \
\hline 2005 & \$ 1 \text { per pound } & \$ 7 \
\hline 2006 & \$ 4 \text { per pound } & \$ 5 \
\hline
\end{array}$$
-Refer to Table 11-4. The inflation rate was

Quizplus · Accepted Answer

The inflation rate is positive when the price level increases. In 2005, the price level increased from $3 per pound to $7 per pound, so the inflation rate was positive. In 2006, the price level increased from $7 per pound to $5 per pound, so the inflation rate was positive.

Table 11-4 the Table Below Pertains to Wrexington, an Economy

Table 11-4
the Table Below Pertains to Wrexington, an Economy