Table 24-3
The table below pertains to Iowan, an economy in which the typical consumer's basket consists of 4 pounds of pork and 3 bushels of corn.
-Refer to Table 24-3. If 2012 is the base year, then the inflation rate in 2013 was
A)24.7 percent.
B)54.0 percent.
C)32.8 percent.
D)38.0 percent.

Question

Table 24-3
The table below pertains to Iowan, an economy in which the typical consumer's basket consists of 4 pounds of pork and 3 bushels of corn. 
-Refer to Table 24-3. If 2012 is the base year, then the inflation rate in 2013 was
A)24.7 percent. 
B)54.0 percent. 
C)32.8 percent. 
D)38.0 percent.

Quizplus · Accepted Answer

The inflation rate is calculated as the percentage change in the price index from the base year (2012) to 2013. The correct calculation leads to an inflation rate of 32.8 percent.

Table 24-3 The Table Below Pertains to Iowan, an Economy in Which