Inflation is defined as a decline in the general purchasing power of a monetary unit, such as a dollar, across time.

Name: Inflation is defined as a decline in the general purchasing power of a monetary unit, such as a dollar, across time.
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Question

Quizplus · Accepted Answer

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.

Inflation Is Defined as a Decline in the General Purchasing