The Terms Inflation and Deflation Refer to Changes In

question 129

Multiple Choice

The terms inflation and deflation refer to changes in:

• A) the average level of prices.
• B) the average output level.
• C) the prices of goods supplied by the government.
• D) the prices in black markets.

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Definitions:

Averages

A mathematical concept denoting the central or typical value in a set of data, calculated in various ways such as mean, median, and mode.

Acceptance Sampling

A method of measuring random samples of lots or batches of products against predetermined standards.

Assignable Variation

Variation in a production process that can be traced to specific causes.