The above figure shows the market for hamburger. Which panel shows the effect of a new excise tax on all beef products?

The costs of inflation ________ when inflation is more rapid and ________ when inflation is more unpredictable

A) decrease; increase B) do not change; increase C) increase; increase D) increase; do not change E) increase; decrease

A price index is the

A) cost of a market basket of goods today. B) cost of a market basket of goods and services a year ago expressed as a percentage of the cost of the same market basket today. C) cost of a market basket of goods and services today expressed as a percentage of the cost of the same market basket during a base year. D) year that is chosen as the point of reference for comparison of prices in other years.