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Which of the following correctly defines inflation?
A) An increase in the price of a particular good or service.
B) An increase in the general (average) price level of goods and services in the economy.
C) The growth rate in real GDP.
D) None of the answers above are correct.
A) An increase in the price of a particular good or service.
B) An increase in the general (average) price level of goods and services in the economy.
C) The growth rate in real GDP.
D) None of the answers above are correct.
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Inflation being a macroeconomics concept...
Economics for Today 9th Edition by Irvin Tucker
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