Question 1
A decrease in the overall price level is known as
◦ recession.
◦ inflation.
◦ economic growth.
◦ deflation.
Question 2
Hyperinflation refers to a(n)
◦ increase in both price level and output.
◦ very rapid increase in the overall price level.
◦ very rapid decrease in the overall price level.
◦ decrease in unemployment which is accompanied by a rapid increase in wages.