Macroeconomics
10th Edition
ISBN: 9780134896441
Author: ABEL, Andrew B., BERNANKE, Ben, CROUSHORE, Dean Darrell
Publisher: PEARSON
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Question
Chapter 1, Problem 3RQ
To determine
The concepts of inflation and deflation and the behavior of price levels of consumer goods in America prior to and post-World War II.
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Which of the following economic changes are consistent with demand-pull inflation? Check all that apply.
Falling unemployment
Excessive issuance of money by the central bank
An increase in the price level
Which of the following economic changes are consistent with cost-push inflation? (More than one may apply)
A. An increase in the price level
B. A sudden and sharp decline in the quantity of money issued by the central bank
C. Rising unemployment
Using diagrammatic illustrations where necessary, write brief notes on the following concepts.i. Demand-pull and cost-push inflation ii. Consumer Price Index iii. GDP deflator iv. Cost of expected inflation v. Cost of unexpected inflation
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