Professor I.M. Dismal returns to campus in the fall to find that the bookstore is charging 10 more for the new economics textbooks he ordered this year compared to last year.
On the basis of this information, and using the economic way of thinking, what can Professor Dismal clearly conclude? A) The economy has experienced a 10 inflation over the year.
B) The economy has experienced a 10 deflation over the year.
C) The economy has experienced a disinflation over the year.
D) The economy has experienced a steady price level over the year.
E) The bookstore is charging 10 more for the new textbooks he ordered this year compared to last year.
Question 2
Which of the following most accurately describes what occurs during a time of inflation?
A) People must work longer to live as well.
B) Prices rise faster than incomes.
C) The average standard of living declines.
D) The cost of living increases.
E) The purchasing power of money falls.
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