Economics Midterm: Inflation Types and Effects

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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.

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