What is inflation? What is deflation?
Who benefits from inflation and deflation? Who gets hurt by inflation and deflation?
What is the difference between the price level and the rate of inflation?
How to calculate the inflation/deflation rate?
What is hyperinflation?
What is GDP deflator?
How to calculate GDP deflator?
If inflation rises unexpectedly by 5%, indicate for each of the following whether the economic actor is helped, hurt, or unaffected?
A union member with a COLA wage contract.
Someone with a large stash of cash in a safe deposit box.
A bank lending money at a fixed rate of interest.
A person who is not due to receive a pay raise for another 11 months.