An Increase in the Overall Level of Prices in an Economy

question 79

Multiple Choice

An increase in the overall level of prices in an economy is called

• A) growth.
• B) expansion.
• C) inflation.
• D) nominal GDP growth.

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Definitions:

Panels

Groups of selected individuals or experts brought together to discuss, investigate, or study a specific subject or area of interest.

Average Costs

The total costs of production divided by the quantity of output produced, representing the cost per unit of output.

Output

The quantity of goods or services produced by a firm or industry within a certain period.

Declines

Decreases in the value, amount, or quality of something.