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The following appeared in a newspaper article:"Inflation in the Lehigh Valley during the first quarter of [the year] was less than half the national rate...So, unlike much of the nation, the fear here is deflation-when prices sink so low that the CPI drops below zero."Source: Dan Shope, "Valley's Inflation Rate Slides," (Allentown, PA) Morning Call, July 9, 1996.Do you agree with the reporter's definition of deflationLOADING...?A.Yes. When prices fall too low, the CPI is negative.B.No. Deflation occurs when the nominal interest rate is greater than the real interest rate.C.Yes. Deflation is caused by a negative CPI.D.No. Deflation is defined as a negative inflation rate.
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