Inflation is defined as a general increase in the average price level of goods and services in an economy over a period of time. It is not a rise in the price of every good and service nor is it necessarily a rise of a specified percentage, nor is it always at least 10 percent a year.

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Inflation Is

Question 31

Multiple Choice

Inflation is

A) a rise in the price of every good and service.
B) a rise of exactly a specified percentage in the price of every good or service.
C) a rise in the average price level.
D) a rise in average prices of at least 10 percent a year.

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