A Consistent Increase in the General Level of Prices Is

question 57

Multiple Choice

A consistent increase in the general level of prices is called

• A)inflation.
• B)incrementalism.
• C)accession.
• D)price controls.

---

Definitions:

Actuarial Assumptions

The estimates and hypotheses used by actuaries to calculate insurance risks and liabilities, including rates of mortality, morbidity, and interest.

Service Cost

The actuarial present value of benefits earned by employees during a given period, included in the calculation of pension expense.

Actuarial Present Value

A calculation used to determine the present value of a future series of payments or receipts, taking into account variables such as mortality, investment earnings, and expense risks.