The definition of inflation is
a. a sustained increase in the price of a particular good or service.
b. a sustained increase in the general (average) price level of goods and services in the economy.
c. the sustained growth rate in real GDP.
d. a sustained decrease in the average price level of goods and services in the economy.
b
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The introduction of satellite television systems would cause the Lerner Index for cable television to
A) become smaller. B) increase. C) change in accordance to the increase in market power of cable TV providers. D) be unchanged.
According to the graph shown, at point C the firm is earning:
A. fewer profits than at point B, and they should produce less. B. higher profits than at point B, and they should produce more. C. fewer profits than at point B, and they should produce more. D. higher profits than at point B, and they should produce less.
Societies must address the question of WHAT to produce because:
A.) We can't produce all the goods and services we want. B.) The amount of money in an economy is limited. C.) We are wasteful and use resources inefficiently. D.) Our economy experiences market failures.
The standard deduction depends on
A. family size. B. how money is spent (e.g. on state and local taxes or home mortgage interest). C. how much money is saved. D. family structure (i.e. filing status).