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Questions and Answers
What is inflation defined as an increase in the overall level of prices in an economy?
What is inflation defined as an increase in the overall level of prices in an economy?
True (A)
Does inflation rate measure the percentage change in prices over a period of time, usually a year?
Does inflation rate measure the percentage change in prices over a period of time, usually a year?
True (A)
Is deflation the opposite of inflation, where there is a decrease in the overall level of prices in an economy?
Is deflation the opposite of inflation, where there is a decrease in the overall level of prices in an economy?
True (A)
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Study Notes
Inflation and Deflation
- Inflation is defined as an increase in the overall level of prices in an economy.
- The inflation rate measures the percentage change in prices over a period of time, usually a year.
- Deflation is the opposite of inflation, characterized by a decrease in the overall level of prices in an economy.
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