When the economy is on the steeper part of the short run aggregate supply curve, efforts to bring inflation down with monetary policy will be ____ successful and efforts to stimulate the economy will be ____ successful

In periods of high inflation,

a. people who hold money gain b. the purchasing power of a dollar decreases c. the purchasing power of a dollar increases d. those who have loaned money to others gain e. people become reluctant to buy goods and services

Prices usually reflect

a. only the value of a good to society. b. only the cost to society of making a good. c. both the value of a good to society and the cost to society of making the good. d. neither the value of a good to society nor the cost to society of making the good.