01:220:103 Lecture Notes - Lecture 13: Reichsmark, Gdp Deflator, Producer Price Index
16 Nov 2016
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Chapter 12 inflation & money: clicker questions & answers. The price of a chipotle steak burrito increase from -. 50 this month so this means inflation was about 6% this month: false. A real price has been corrected for: inflation. Milton friedman was right (cid:862)i(cid:374)flatio(cid:374) is al(cid:449)ays & e(cid:448)ery(cid:449)here a (cid:373)o(cid:374)etary phe(cid:374)o(cid:373)e(cid:374)o(cid:374)(cid:863): true (you always raise the money supply a certain amount just to get a little bit of inflation) The current chair of the federal reserve system is: janet yellen: zimbabwean dollar not global standard. Not much of a power house in terms of global commerce. Printing more currency to pay your bills is expensive. Fed makes important decisions about economic growth, but the us ele(cid:272)torate does(cid:374)"t choose them; not very representative of the people: defining & measuring inflation. Inflation increase in the average level of prices. Measured using an index average price from a large and representative basket of goods.
