Inflation is

What will be an ideal response?


a persistent increase in the general level of prices.

Economics

You might also like to view...

The marginal propensity to consume (MPC) is the change in consumption divided by the change in income

a. True b. False Indicate whether the statement is true or false

Economics

In a traditional economy, innovation is encouraged

a. True b. False Indicate whether the statement is true or false

Economics

Suppose that the consumer price index of a country was 160 at year-end 2007 and 168 at the end of 2008 . What was the country's inflation rate during 2008?

a. 5 percent b. 8 percent c. 60 percent d. 68 percent

Economics

Use the following table for Country X to answer the next question. Column 1 of the table is the world price of a product. Column 2 is the quantity demanded domestically (Qdd), and Column 3 is the quantity supplied domestically (Qsd).PriceQddQsd$5.002004004.002503503.003003002.003502501.00400200If Country X opens itself up to international trade, at what world price will it begin exporting some units of the product? Assume the small-country model is applicable.

A. Any price above $1.00 B. Any price below $1.00 C. Any price above $3.00 D. Any price below $3.00

Economics