The New York Times The following is an excerpt from the New York Times. Daniel Smith...

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The New York Times The following is an excerpt from the New York Times. Daniel Smith is a machinist and is disgusted with the way things have been going in the economy. Like many of his friends, he has been out of work for some months and has all but given up looking for work as a machinist. With his savings virtually depleted and unemployment benefits about to run out, he feels he'll have little choice but to take whatever job he can get. whether he is able to use his skills or not. "Prices keep going up, up, up," he sighs. "Everything costs more every time you go to the store-and still you can't get work. Where are we supposed to get the money to pay for it all?" The situation George is describing in this scenario can BEST be termed: stagflation. O inflationary gap. recession O demand-pull inflation The New York Times The following is an excerpt from the New York Times. Daniel Smith is a machinist and is disgusted with the way things have been going in the economy. Like many of his friends, he has been out of work for some months and has all but given up looking for work as a machinist. With his savings virtually depleted and unemployment benefits about to run out, he feels he'll have little choice but to take whatever job he can get. whether he is able to use his skills or not. "Prices keep going up, up, up," he sighs. "Everything costs more every time you go to the store-and still you can't get work. Where are we supposed to get the money to pay for it all?" The situation George is describing in this scenario can BEST be termed: stagflation. O inflationary gap. recession O demand-pull inflation