When the price level increases but national output falls, an economy is said to be in an inﬂationary boom.

Name: When the price level increases but national output falls, an economy is said to be in an inﬂationary boom.
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An inﬂationary boom is characterized by both increasing price levels and increasing national output. When national output falls, it is referred to as a stagflation, not an inﬂationary boom.

When the Price Level Increases but National Output Falls, an Economy