Suppose coffee prices, gasoline prices, and concert ticket prices are all sharply higher this year compared to last year. The economy is experiencing
A) disinflation.
B) deflation.
C) inflation.
D) possibly A, B, or C above.
Question 2
Suppose, compared to last year, the price of beer has increased 4, the price of jeans has increased 7, and the price of video rentals has decreased 1.
On the basis of this data, what can an economist conclude about the rate of inflation in the overall economy? A) Nothing.
B) The inflation rate is 4.
C) The inflation rate is 7.
D) The inflation rate is 10.
E) The inflation rate is 11.
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