Rising inflation is a biggest challenge for every economy. A sustainable economic growth need price stability which makes essential approach for consumption demand. Higher fluctuation in inflation rate is causing insufficient productivity in economy and consumption demand. Effective utilization of expansionary and contractionary economic policy make may make balance between economic growth, price stability, aggregate demand & supply and employment level. The main components of the consumer price index in Oman are Food, Beverages, Tobacco Transport, Communication, Rent, Electricity, Water and Fuel. Consumer prices in Oman rose by 1.59 percent year-on-year in April of 2021; it was the first monthly increase in consumer prices since March of 2020. The consumer prices in Oman decreased by 1.57 percent year-on-year in January of 2021, marking the eleventh consecutive month of declining in consumer price index which leads to economic slowdown. Major consumption expenditure in 2017 was made in food sector, education, healthcare and transportation where unit price for food was 17 OMR, education 20 OMR, health care 17 OMR and transportation 21 OMR. In 2018 food price register 5% increase in price, education 7%, healthcare 8% and transportation 9%. How much is the price rise in transportation sector in 2018? a. 1.82 b. 1.89 c. 1.68 d. 1.56 How much is the price rise in healthcare section in 2018? a. 1.36 b. 1.55 c. 1.90 d. 1.85

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Rising inflation is a biggest challenge for every economy. A sustainable economic growth need price stability which makes essential approach for consumption demand. Higher fluctuation in inflation rate is causing insufficient productivity in economy and consumption demand. Effective utilization of expansionary and contractionary economic policy make may make balance between economic growth, price stability, aggregate demand & supply and employment level.

The main components of the consumer price index in Oman are Food, Beverages, Tobacco Transport, Communication, Rent, Electricity, Water and Fuel. Consumer prices in Oman rose by 1.59 percent year-on-year in April of 2021; it was the first monthly increase in consumer prices since March of 2020. The consumer prices in Oman decreased by 1.57 percent year-on-year in January of 2021, marking the eleventh consecutive month of declining in consumer price index which leads to economic slowdown.

Major consumption expenditure in 2017 was made in food sector, education, healthcare and transportation where unit price for food was 17 OMR, education 20 OMR, health care 17 OMR and transportation 21 OMR. In 2018 food price register 5% increase in price, education 7%, healthcare 8% and transportation 9%.

How much is the price rise in transportation sector in 2018?

a. 1.82

b. 1.89

c. 1.68

d. 1.56

How much is the price rise in healthcare section in 2018?

a. 1.36

b. 1.55

c. 1.90

d. 1.85

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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