If the Aggregate Price Level at Time T Is Denoted

question 3

Multiple Choice

If the aggregate price level at time t is denoted by Pt,the inflation rate from time t - 1 to t is defined as

• A)π_t = (P_t - P_t - 1)/ P_t - 1.
• B)π_t = (P_{t + 1} - P_{t - 1})/P_{t - 1}.
• C)π_t = (P_{t + 1} - P_t)/P_t.
• D)π_t = (P_t - P_{t - 1})/P_t.

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