One of the 20th Century's Worst Episodes of Inflation Occurred

question 52

Multiple Choice

One of the 20th century's worst episodes of inflation occurred in

• A)the United States in the 1960s.
• B)Italy in the 1950s.
• C)Russia in the 1930s.
• D)Germany in the 1920s.

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Definitions:

Price Y

Represents the specific market value or cost of a good or service named or implied as "Y."

Perfectly Elastic

Describes a situation in which any small change in the price of a good leads to an infinite change in the quantity demanded or supplied, typically represented by a horizontal line on a graph.

Price Elasticity

An assessment of the responsiveness of product demand to variations in its cost.

Demand Curve

A graphical representation showing how the quantity of a good demanded by consumers changes as its price changes, holding other factors constant.