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|Historical Report -- Consumer Price Index,|
|Categories of Goods and Services|
|Years||All Items||Food||Housing||Apparel||Transportation||Medical Care||Recreation||Education and Communication||Other|
Of the categories Housing and Transportation: a. Which had the higher rate of inflation between and , to the nearest percent? b. What was the higher rate?
What was the rate of inflation, to the nearest tenth percent, for Education and Communication: a. in ; b. in ?
In the spring of 2008, Senators John McCain and Hillary Clinton (who were then running for president) proposed a temporary elimination of the federal gasoline tax, effective only during the summer of 2008, in order to help consumers deal with high gasoline prices. a. During the summer, when gasoline demand is high because of vacation driving, gasoline refiners are operating near full capacity. What does this fact suggest about the price elasticity of supply? b. In light of your answer to (a), who do you predict would benefit from the temporary gas tax holiday?