Z Inflation Problem

As I watch—and participate in—the great inflation debate, I find myself thinking back to my time as an undergraduate, studying intermediate microeconomics with Professor John F. Henry. Henry was masterful in the classroom, and he’s the reason I decided to pursue my graduate studies in economics. His exams were legendary. I only had one other professor—a finance prof—who could write a multiple-choice exam that actually required some hard thinking. To do well, you had to be able to recognize when a question had more than one right answer. A typical exam included dozens of questions that looked like this:

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