Which of the following is true of hyperinflation?
a. It causes the value of a currency to deteriorate so quickly that people become reluctant to hold that currency.
b. It is a situation in which people hoard currency expecting its value to increase in recent future.
c. It is a simultaneous increase in inflation and decrease in the quality of products.
d. It occurred in the United States in the 1970s.
e. It is a synonym for cost-push inflation.
Question 2
Which of the following goods would be considered scarce?
a. iPods
b. crude oil
c. tax preparation services
d. all of the above
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