Documents Inflation. What is inflation? A rise in the general price level –$1.00 today does not buy as much....

Inflation What is inflation? A rise in the general price level $1.00 today does not buy as much as a dollar from 1950. Example: The price of a pack of Wrigley’s gum recently…

Documents Measuring the Cost of Living Chapter 6. Learning Objectives u Learn how the consumer price index...

Measuring the Cost of Living Chapter 6 Learning Objectives Learn how the consumer price index (CPI) is constructed Consider why the CPI is an imperfect measure of the cost…