Question: a. Define inflation and deflation. Explain the difference between the two and how they both impact the economy. b.Define the inflation rate and consumer price

a. Define inflation and deflation. Explain the difference between the two and how they both impact the economy.

b.Define the inflation rate and consumer price index. Explain the difference between the two and show the CPI equation

c. Define the labor force participation rate. Explain the relationship between the unemployment rate and the labor force participation rate. Describe some ways that the unemployment rate doesn't account for other employment issues

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