Reading Guide: Section 3 Module 14
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Class Period *
1.  Explain why the level of prices is not important. *
2.  Why is it important to understand real wages and real income versus just nominal? *
3.  Describe how to calculate the inflation rate *
4.  Refer to Figure 14.1: What is the difference between the inflation rate and the price level? *
5.  The costs associated with the wear and tear caused by the extra running around that takes place when people are trying to avoid holding money (high inflation). *
1 point
6.  What are some of the costs that are called menu costs? Check all that apply *
1 point
Required
7.  List at least three of the problems in Israel during the mid-'80's. *
8.  How can technology help reduce menu costs? *
9.  Money is a less reliable unit of measurement with high inflation because.... *
10.  How is it possible for some people to benefit from inflation? *
11.  Why is the real-interest important to analyze? *
12.  If the actual rate of inflation is higher than expected.... *
1 point
13.  Why are long-term loans rare in countries with both uncertain inflation or high inflation? Explain. *
14. Why is disinflation such a challenge? *
15.  Why did we "disinflate" the US economy in the early '80's? *
16.  How do we attempt to keep inflation under control? *
What questions do you have for class? *
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