Jared works at a software firm. He is promoted to the post of senior engineer after three years of employment. Despite his promotion, he has to cut down on purchases as his cost of living has almost doubled within the same time perioD)This situation best represents _____.

Question

Quizplus · Accepted Answer

Inflation is the correct answer because it refers to the general increase in prices and fall in the purchasing value of money, which aligns with Jared having to cut down on purchases due to his cost of living almost doubling.

Jared Works at a Software Firm