Last year, a mother in a small African nation could buy a pound of flour for the Canadian equivalent of $1.30. Six months ago, an identical pound of flour cost $3.40. Today she would need $5.60 to buy that pound of flour. What is the term for this example of the general upward movement of prices?

Question

Quizplus · Accepted Answer

The term for the general upward movement of prices is inflation. The given scenario demonstrates inflation as the cost of a pound of flour has increased from $1.30 to $5.60 in a year.

Last Year, a Mother in a Small African Nation Could