Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 1SCQ: Table 22.4 shows the fruit prices that the typing college student purchased from 2001 to 2004. What...
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Question
- Describe the inflation rate trend in the inflation rate graph provided.
Expert Solution
Step 1
Inflation refers to an increase in the prices of goods and services in an economy over a period of time. This implies a rise in the general price level in an economy. There are three trends of inflation in an economy:
- Increasing: In this, rate of inflation increases over a period of time
- Declining: In this, rate of inflation decreases over a period of time
- Stable: In this, rate of inflation remains constant or little change over a period of time.
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