Inflation Basics

Inflation is defined as a rise in _____________ price levels.

A measurement of a representative collection of goods and services

The short-run Phillips curve proves that if either inflation or unemployment is high, the other is generally low.

Which group of persons is most hurt by inflation?

When there is high inflation, which group of people can actually benefit (a little)?

Current Inflation levels show prices increasing on the average around __________%.

Inflation caused by too much money chasing too few goods.

Inflation caused by rising costs of production increasing final costs.

The opposite of inflation, a lowering of average price levels.

Inflation is measured at the BLS by using a tool called

Why are food and energy removed from the CPI to create the Core PI?

Shrinking the product to be smaller but keeping prices the same actually is a

IF THE GOVERNMENT RAISES TAXES, THIS IS AN EFFORT TO COMBAT INFLATION.

An automatic increase in a person's income based on the inflation rate.

The #unemployed divided by the #employed + # unemployed X 100 = Unemployment Rate UNR)