The increase in the overall level of prices in the economy is called:
A) the inflation rate.
B) the growth rate of GDP.
C) GDP.
D) GDP per capita.
E) the interest rate.

Question

Quizplus · Accepted Answer

Inflation refers to an increase in the general price level of goods and services in an economy over a period of time. It is typically measured by an inflation rate, which indicates the percentage change in prices over a specific period, such as a year.

The Increase in the Overall Level of Prices in the Economy