Question

question 3
1 pts
the effects of inflation are seen in:
goods and services only
wages and income levels only
services and wages only
goods, services, wages and income levels

question 4
1 pts
inflation implies that the level of all prices _______________
decrease
stay the same
increase
none of the above

Explanation:

For Question 3: Inflation is a general rise in prices, which affects the cost of goods and services. Additionally, wages and income levels are adjusted (or fail to keep up) with inflation, so their purchasing power is impacted. Thus, inflation's effects are seen across all these areas.
For Question 4: Inflation is defined as a sustained increase in the general price level of goods and services in an economy over time. It does not mean all prices increase equally, but the overall level rises, so "none of the above" is correct because "all prices" is an absolute statement that does not align with the definition (some prices may fall even during inflation).

Answer:

Question 3: goods, services, wages and income levels
Question 4: none of the above