Business, 08.05.2021 01:50 jetblackcap

Suppose the price level reflects the number of dollars needed to buy a basket of goods containing one can of soda, one bag of chips, and one comic book. In year one, the basket costs $9.00. In year two, the price of the same basket is $8.00. From year one to year two, there isdeflation at an annual rate of 1.25%. In year one, $72.00 will buybaskets, and in year two, $72.00 will buybaskets. This example illustrates that, as the price level falls, the value of money .

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