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Are you inflation-savvy?

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Questions and Answers

What is inflation?

A decrease in the prices of goods and services in an economy.

A decrease in the amount of money in circulation.

A short-term spike in prices.

A rise in the general level of prices over time (correct)

What type of increase in the price level of goods and services qualifies as inflation?

An increase caused by a decrease in the amount of money in circulation.

Short-term spikes in prices.

A persistent and sustained increase (correct)

A moderate increase

What causes inflation?

A decrease in the production of goods and services.

A decrease in the general level of prices.

A mismatch between demand and supply.

A decrease in the amount of money in circulation. (correct)

How can inflation be classified?

Creeping, walking, running, and hyperinflation. Signup and view all the answers

What is creeping inflation?

A mild form of inflation where prices rise slowly. Signup and view all the answers

What is walking inflation?

A moderate form of inflation where prices rise at a faster rate than creeping inflation. Signup and view all the answers

What do governments and central banks do to prevent inflation from getting out of hand?

Control the amount of money in circulation. Signup and view all the answers

Study Notes

Inflation is a continuous increase in the prices of goods and services in an economy.
It refers to a rise in the general level of prices over time.
Inflation means a persistent and sustained increase in the price level of goods and services.
Short-term spikes in prices do not qualify as inflation.
Inflation is a monetary phenomenon caused by an increase in the amount of money in circulation.
Inflation is a state of disequilibrium caused by a mismatch between demand and supply.
Inflation can be classified into creeping, walking, running, and hyperinflation based on severity.
Creeping inflation is a mild form of inflation where prices rise slowly.
Walking inflation is a moderate form of inflation where prices rise at a faster rate than creeping inflation.
Governments and central banks try to control the amount of money in circulation to prevent inflation from getting out of hand.

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Description

Test your knowledge on the economic concept of inflation with this quiz! From the definition of inflation to its various classifications, this quiz covers it all. Discover the causes and effects of inflation and learn how governments and central banks attempt to control it. This quiz is perfect for anyone looking to expand their understanding of economics and finance.