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Introduction to Economics💰
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If a market is in a state of shortage, then:
"We must impose a price ceiling on pharmaceutical products in order to support the sick."
The above statement is something that a politician is likely to make.
What kind of good or service might deserve a price ceiling?
What kind of good or service might deserve a price floor?
"We must impose a price floor on bread to make sure all households can afford it."
The above statement is something that a politician is likely to make.
"We must impose a price floor on farming products in order to protect the family farms."
The above statement is something that a politician is likely to make.
What was the inflation rate between 2011 and 2012?
Answer: %
(Your answer must be accurate to within two significant digits.)
Hint: The inflation rate is the percentage change in the CPI.
According to the graph above, 2000 was used as the base year used for the calculation of the CPI.