12 Questions
Inflation is a general ______ in the level of prices.
increase
Demand-pull inflation occurs when ______ for goods and services exceeds supply.
demand
Structural inflation occurs due to the inability of some sectors of the economy to respond immediately to ______ for goods and services.
demand
People with ______ income are gainers in an inflationary situation.
flexible
Labor is considered ______ because it cannot be stored or postponed.
perishable
The capacity or efficiency of labor is not ______.
constant
The objective of labor and employment includes ______ of more employment and livelihood opportunities.
generation
The level of standard of living where one has adequate income, free clinic, no savings, and always in debt is known as ______ standard.
minimum of subsistence
The ______ of an individual is one of the factors that determines the standard of living.
occupation
International trade is the trade in goods between the businessmen of one country and the businessmen of ______ country.
another
The industrial revolution is one of the factors that contribute to the acceleration of ______ trade.
international
The standard of living of a family depends on the ______ of the family.
income
Test your knowledge of inflation, its types, and who gains or loses in an inflationary situation. Learn about demand-pull, cost-push, and structural inflation, and how they impact different groups of people.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
