Economics · Basic Concepts & Inflation
In economics, what is the standard definition of 'inflation'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A continuous decrease in the overall price level of goods
- 2A general increase in prices and fall in the purchasing value of money✓
- 3A situation where government revenue exceeds expenditure
- 4A sustained period of near-zero unemployment
Correct answer
A general increase in prices and fall in the purchasing value of money
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