Examlex
Scientists created a visual cliff by placing a thick sheet of clear glass over a drop-off. They found that by the time children are old enough to crawl, they will not venture over the "edge" of the "cliff." What skill have the children developed that makes them wary?
Price Level
The overall level of prices of goods and services in an economy at a given time, often measured by a price index.
Nominal Interest Rate
The stated rate of interest on a financial instrument, not accounting for the compounding effect or inflation.
Inflation Rate
The elevation in the percentage cost of goods and services across an economy over an established period.
Relative-price Variability
Fluctuations in the price of one good or service in relation to others, affecting purchasing decisions and economic equilibrium.
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