Inflation & Deflation Exercise ECON4
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Inflation and Deflation
Transcript of Inflation & Deflation Exercise ECON4
Inflation & DeflationAnswer all the questions below
1. Define Inflation2. Define Deflation3. How does the UK measure inflation4. Explain why goods within the basket of goods are given a weight5. Define cost push inflation6. Define demand pull inflation 7. What are the other methods which can be used to calculate the rate
of inflation?8. Explain the term:
a. Shoe leather costsb. Menu costs
9. Plot the following on a graph
Year Inflation (%)1970 6.51971 9.21972 7.51973 9.11974 17.51975 29.81976 18.21977 8.31978 4.2
10. Comment on the trend in inflation