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Chapter 19: Q 19. (page 472)

Is inflation likely to be a severe problem for at least some high-income economies in the near future?

Short Answer

Expert verified

No, inflation is unlikely to be a serious problem.

Step by step solution

01

Step 1. Define inflation.

Inflation is defined as a rise in the cost of goods and services in a given economy over time.

02

Step 2. Is inflation likely to be a severe problem?

Inflation is defined as a rise in the cost of goods and services in a given economy over time.

Because most high-income countries have learned to avoid high inflation, this is unlikely to be a significant issue. In order to regulate aggregate demand, inflation can be controlled by increasing the supply of goods and services while reducing money incomes.

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Most popular questions from this chapter

Why do you think it is difficult for high-income countries to achieve high growth rates?

Create a table that identifies the macroeconomic policies for a high-income country, a middle-income country, and a low-income country.

Retrieve inflation data from The World Bank data base (http://databank.worldbank.org/data/home.aspx) for India, Spain, and South Africa for 2011鈥�2015. Prepare a chart that compares India, Spain, and South Africa based on the data. Describe the key differences between the countries. Rank these countries as high-, medium-, and low-income. Explain what is surprising or expected about the data.

Retrieve the following data from The World Bank database (http://databank.worldbank.org/data/ home.aspx) for India, Spain, and South Africa for the most recent year available:

鈥� GDP in constant international dollars or PPP

鈥� Population

鈥� GDP per person in constant international dollars

鈥� Mortality rate, infant (per 1,000 live births)

鈥� Health expenditure per capita (current U.S. dollars)

鈥� Life expectancy at birth, total (years)

Using the research skills you have acquired, retrieve the following data from The World Bank database (http://databank.worldbank.org/data/ home.aspx) for India, Spain, and South Africa for 2010鈥�2015, if available:

鈥� Telephone lines

鈥� Mobile cellular subscriptions

鈥� Secure Internet servers (per one million people)

鈥� Electricity production (kWh)

Prepare a chart that compares these three countries. Describe the key differences between the countries.
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