Inflation is an increase in
A) the price of one item.
B) the overall price level.
C) the average income level.
D) real gross national product.

Question

Quizplus · Accepted Answer

Inflation refers to a general increase in the overall price level of goods and services in an economy over a period of time. It is not limited to the price of a single item, nor is it related to the average income level or real Gross National Product.

Inflation Is an Increase in