Which of the following is the correct definition of inflation?
A)the rise in the rate of unemployment due to a slowing economy
B)the rise in the amount of goods and services that can be purchased for a specific amount of money
C)an increase in the general level of prices of products in an economy over a period of time
D)a decline in consumer confidence about the overall state of the economy and their own personal finances
E)a decline in gross domestic product for two or more consecutive quarters

Question

Quizplus · Accepted Answer

Inflation is an increase in the general level of prices of products in an economy over a period of time. Option A refers to unemployment, option B refers to deflation, option D refers to consumer confidence, and option E refers to recession.

Which of the Following Is the Correct Definition of Inflation