6 Nov 2021
Problem 20
Page 780
Section: REVIEW QUESTIONS
Chapter 32: Macroeconomic Policy Around the World
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6 Nov 2021
Introduction
Inflation is the gradual rise in all prices in a given economy (including wages). When the general price level rises, each unit of currency buys fewer products and services; as a result, money loses its purchasing power. The rate of inflation is the annualized percent change in a general price index, and it is a frequent inflation metric.
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