Stamford Econ to 2.3

When inflation is high the _______________of the dollar decreases

• cost value
• purchasing power
• importance
• validity

What is inflation?

• rise in all prices
• rise in most prices
• rise in some prices
• rise in general prices

Demand-Pull inflation can be describes as too many _________ chasing too few __________

• jobs, workers
• consumers, producers
• dollars, goods

Who is most likely to be hurt by inflation?

• someone who borrowed money
• a retiree on a fixed income
• a business owner
• the U.S. government

What 2 types of inflation are there?

• demand pull and cost push
• demand pull and supply glut
• supply glut and demand side
• supply inflation and demand inflation

What the definition of deflation? 

• decrease in the average price of goods and services
• occurs when the price of goods and services rise
• increase in prices
• I don't know

With inflation, AD > AS 

• True
• False

GDP that is adjusted for inflation

• real GDP
• nominal GDP
• price level
• net national product

What causes cost push inflation

• An increase in demand for goods and services
• An increase in supply
• A rise in production costs passed on to consumers
• A fall in the price of imports

The total value of all final goods and services produced in a country in a given year.

• Gross Domestic Product

• Consumer Price Index

• Inflation

• Unemployment