Suppose That the Inflation Rate Was 4 Percent in 2002

Multiple Choice

Suppose that the inflation rate was 4 percent in 2002 and 3 percent in 2003.This would mean that

A) the price level fell from 2002 to 2003
B) the price level fell at a faster rate in 2003 than in 2002
C) the price level rose at a faster rate in 2003 than in 2002
D) the price level rose at a slower rate in 2003 than in 2002
E) all prices in the economy rose at a rate of 3 percent in 2003