An article in the Wall Street Journal in 2019 about Venezuela noted, The pace of inflation in
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An article in the Wall Street Journal in 2019 about Venezuela noted, “The pace of inflation in Venezuela is among the fastest recorded in recent world history. . . . Prices rise as much in just a couple of hours as they do in a year in neighboring countries.” The article also noted, “Gross domestic product shrank from about $196 billion in 2013 to some $80 billion last year.”
a. How is it possible for a country to experience inflation rates as high as those in Venezuela?
b. Are the facts that the GDP of Venezuela declined by more than half at the same time that the country is experiencing such a high inflation rate related? Briefly explain.
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a High inflation rates like those in Venezuela can be attributed to a combination of factors including Hyperinflationary Spiral Venezuela experienced ...View the full answer
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