The expectational effect of inflation .1) is nullified as soon as the government promises zero inflation; 2) often plays a role in accelerating inflation; 3) is not directly a monetary cause of inflation.

The correct answer is 2. The expectational effect of inflation often plays a role in accelerating inflation.

Explanation:

For most economists, inflation is defined as an increase in the general price level of goods and services in the economy over a period of time. Equivalently, inflation can be defined as a reduction in the purchasing power of money. The change in the price level for a certain period is indicated by the inflation rate, which is calculated as the ratio of the selected price index at the end and at the beginning of the period. The most used price indices are the consumer price index, the producer price index and the GDP deflator.  In general, economists agree that high inflation is due to excessive money supply growth.  

In general, the expectation of inflation contributes to accelerating the inflationary process. This is so because price makers (sellers of essential inputs such as food or raw materials) seek to anticipate the increases in their basic costs, increasing their sales prices so as not to lose profitability, thus accelerating the chain of price increases, affecting the price stability of the production chain.

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