The Inflation Rate Is The

question 59

Multiple Choice

The inflation rate is the:

• A) Price level.
• B) Average price of goods and services in an economy.
• C) Rate of growth of the price level.
• D) Purchasing power of money.

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Definitions:

Production Possibilities Schedule

A table that shows the different combinations of two goods that can be produced with fixed resources and technology.

Tanks

Armored combat vehicles with heavy firepower and strong defensive capabilities, primarily used by military forces in ground warfare.

Opportunity Cost

The cost of foregone alternatives, or what is given up in order to pursue a certain action or decision.

Budget

An estimate of income and expenditure for a set period, often used by governments, businesses, and individuals to plan financial operations.