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Joe Lebow, an analyst, is discussing the difference between inflation and price level. Lebow states: "The higher the price level in the current year compared to the price level in the previous year, the higher is the inflation rate of a country. Any increase in the price level is evidence of positive inflation." Lebow's statement is: A. incorrect because not all increases in the price level indicate inflation. B. correct. C. incorrect because it inaccurately describes the calculation of an inflation rate. |