An Increase in the Average Price Level of Goods and Services

question 8

Multiple Choice

An increase in the average price level of goods and services is called:

• A) deflation.
• B) disinflation.
• C) inflation.
• D) cost-push deflation.

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Definitions:

Governing by Statute

The process of ruling or managing an organization, entity, or country based on written laws passed by a legislative body.

Contractual Modifications

Changes or alterations mutually agreed upon by the parties involved in a contract.

Midnight Deadline Rule

A regulation requiring that certain types of contracts be physically delivered to the offeree by midnight of the next day after they are made to be effective.

Uncertified Check

is a check that has not been verified or guaranteed by the bank upon which it is drawn, making its acceptance based on the account holder's standing and available funds.