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What is the impact of inflation on purchasing power?
Practice Questions
Q1
What is the impact of inflation on purchasing power?
It increases purchasing power
It decreases purchasing power
It has no effect on purchasing power
It stabilizes purchasing power
Questions & Step-by-Step Solutions
What is the impact of inflation on purchasing power?
Steps
Concepts
Step 1: Understand what inflation is. Inflation is when prices of goods and services increase over time.
Step 2: Know what purchasing power means. Purchasing power is how much you can buy with a certain amount of money.
Step 3: Realize that when inflation happens, prices go up. This means you need more money to buy the same things.
Step 4: See the effect on purchasing power. If prices rise but your money stays the same, you can buy less than before.
Step 5: Conclude that inflation decreases purchasing power. This means your money doesn't go as far as it used to.
No concepts available.
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