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1. What is the difference between inflation and the inflation rate? 2. What is the Federal...

1. What is the difference between inflation and the inflation rate? 2. What is the Federal Reserve’s inflation objective? How has the inflation rate differed from that objective in recent years? 3. What role does the market basket play in calculating inflation? 4. According to the essay, what might cause your personal inflation rate to differ from the average inflation rate? 5. How does the Everyday Price Index (EPI) differ from the CPI?

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