Rate of inflation
If the price index was 110 last year and is 121 this year, Calculate this year’s rate of inflation? Determine the “rule of 70”? How long would it take for the price level to double if inflation persisted at (a) 2, (b) 5, and (c) 10 % per year?
Expert
This year’s rate of inflation is 10% or [(121 – 110)/110] ´ 100.
Dividing 70 by the annual percentage rate of rise of any variable (for example, the rate of inflation or population growth) will give the approximate number of years for doubling of the variable.
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Administration: It refers to the Governor's Office and those individuals, subdivisions, and offices reporting to it (example, the Department of Finance).
Section 8.50: The Control Section of Budget Act gives the authority to raise federal funds expenses authority.
Subventions: Typically employed to explain amounts of money expended as local assistance based on the formula, in contrast to grants which are provided selectively and frequently on a competitive basis. For the aim of Article XIII B, state subventions
Object of Expenditure (Objects): It is a categorization of expenditures based on the kind of goods or services received. For illustration, the budget group of Personal Services comprises the objects of Salaries and Wages and Staff Benefits.
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