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18 Dec 2019

Explain what the "Great Inflation" was. Identify the basic causes and types of inflation that existed.

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31 Dec 2019
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Explain the causes of inflation and their impacts (SR & LR), the interaction between the types of inflation, how inflation will impact the AD & AS curves (remember each type of inflation will have a different impact), and possible government strategies to address inflation (remember the different types).

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a.Define, discuss, and provide a real-world example of the difference between inflation and deflation.

b.Define, discuss, and provide a real-world example of the difference between the 3 types of inflation: creeping inflation, galloping inflation, and hyperinflation.

c.Which is the greater problem: anticipated inflation or unanticipated inflation? Why?

d.Explain the 2 causes of inflation: Demand-Pull Inflation and Supply-Push Inflation.

Which of the following best describes the new approach that Paul Volker took to solve the stagflation problem that existed around 1980?

A.He first moved to deal with unemployment causing an increase in inflation and over time as the economy adjusted we ended up with less inflation and unemployment

B.He first moved to deal with both inflation and unemployment at the same time and overtimes the economy adjusted we ended up with less inflation and unemployment.

C.He used quantitative easing

D.He first moved to deal with inflation causing an increase in unemployment and over time the economy adjusted we ended up with less inflation and unemployment

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