Suppose that last year the Consumer Price Index was 124; this year it is 130.7. What was the inflation rate between these years?
A) 30.7 percent
B) 6.7 percent
C) 5.4 percent
D) 5.1 percent
Question 2
According to the information, Japan's real GDP per person
A) is higher than Brazil's and therefore we can definitely conclude that economic well-being is higher in Japan.
B) is 33,000.
C) is lower than Brazil's, but its real GDP is higher which makes standard of living higher in Japan.
D) cannot be expected to change much given the other factors affecting GDP growth including political freedom and life expectancy.
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