Calculate each of the following from the data in the following table in this chapter.
a. The inflation rate for the year 2008
b. Total inflation (the total percentage change in the price level) from December 1970 to December 2005

Actual and Potential Output (GDP)................................ $10 trillion
Total Income...................................................................... $10 trillion
Consumption Spending (C).................................................. $7 trillion
Planned Investment Spending (Ip)........................................ $1 trillion
Government Purchases (G).................................................. $2 trillion
Net Taxes (T)...................................................................... $1.25 trillion
Disposable Income............................................................ $8.75 trillion
Household Saving (S)............................................................ $1.75 trillion