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Chapter 9: Q 16. (page 243)

What has been a typical range of inflation in the

U.S. economy in the last decade or so?

Short Answer

Expert verified

Between 2 to 4 percent.

Step by step solution

01

Step 1. Definition

Inflation is the rate at which prices increase over a period of time. Inflation is a broad measure, such as the increase in prices or the increase in the cost of living in a country.

02

Step 2. 

Every country that keeps a check on its inflation has fixed a rate which is under various economists and statisticians. In the US this is generally 2% to 4%.

In 2009, the inflation rate was 2.7%, which increased to 3% in 2011. In the year 2016, the rate fell to 2.1%.

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Most popular questions from this chapter

How should an increase in inflation affect the interest rate on an adjustable-rate mortgage?

A fixed-rate mortgage has the same interest rate over the life of the loan, whether the mortgage is for 15 or 30 years. By contrast, an adjustable-rate mortgage changes with market interest rates over the life of the mortgage. If inflation falls unexpectedly by 3%, what would likely happen to a homeowner with an adjustable-rate mortgage?

Why do economists use index numbers to measure

the price level rather than the dollar value of goods?

Within 1or 2percentage points, what has the U.S. inflation rate been during the last 20years? Draw a graph to show the data.

The index number representing the price level changes from 110 to 115 in one year, and then from 115 to 120 the next year. Since the index number increases by five each year, is five the inflation rate each year? Is the inflation rate the same each year? Explain your answer.
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