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What is the term for a sustained increase in the general price level? (2021)

Practice Questions

Q1
What is the term for a sustained increase in the general price level? (2021)
  1. Deflation
  2. Stagflation
  3. Hyperinflation
  4. Inflation

Questions & Step-by-Step Solutions

What is the term for a sustained increase in the general price level? (2021)
  • Step 1: Understand what 'general price level' means. It refers to the average prices of goods and services in an economy.
  • Step 2: Recognize that a 'sustained increase' means that prices are going up consistently over time, not just temporarily.
  • Step 3: Learn that when prices rise consistently, it affects the purchasing power of money, meaning you can buy less with the same amount of money.
  • Step 4: Identify the term used to describe this situation, which is 'inflation'.
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