According to the Historical Record of Inflation Since the 1300s,the

question 43

Multiple Choice

According to the historical record of inflation since the 1300s,the inflation rate

• A)was at its lowest after Columbus arrived in America.
• B)has always been consistently high.
• C)was higher in the 1300s than in the 1900s.
• D)reached the highest levels in the twentieth century.
• E)was at its highest during the Industrial Revolution.

---

Definitions:

Contract Curve

In economics, it represents the set of optimal points of exchange between two parties, where no further mutual benefit can be achieved through trade.

Edgeworth Box

A graphical representation of the trading possibilities and equilibrium between two individuals with fixed amounts of two goods.

Utility Function

A mathematical model in economics that represents consumer preferences over a set of goods and services, by assigning a utility value for each possible bundle of goods.

Convex Preferences

Preferences that express a consumer's desire for diversified bundles of goods over extreme bundles, depicted graphically as convex indifference curves.