9 Which of the following statements is true?
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a. The higher the price level, the higher the purchasing power of money.
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b. Demand-pull inflation can be a result of increased production costs.
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c. High rates of inflation are generally caused by rapid growth of the money supply.
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d. Unexpectedly high inflation redistributes income away from those who make fixed-dollar payments toward those who receive fixed-dollar payments.
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e. The real interest rate increases as the rate of inflation increases.