The Inflation Rate Is the

question 64

Multiple Choice

The inflation rate is the

• A)percent increase in the average level of prices over a year.
• B)percent increase in output over a year.
• C)percent increase in the unemployment rate over a year.
• D)price level divided by the level of output.

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Definitions:

Tariff

A Tariff is a tax imposed by a government on imported goods, often used to protect domestic industries from foreign competition.

Opportunity Cost

Giving up the chance to benefit from other opportunities by selecting a specific option.

Dalers

A currency that was used in the past in various countries and territories, including Denmark and the United States.

Comparative Advantage

The capability of a nation or business to manufacture a specific product or offer a service at a lesser opportunity cost compared to its rivals.