A Change in the Average Price Level Is Called ________

question 120

Multiple Choice

A change in the average price level is called ________, while a change in the price of a specific good in comparison with other goods and services is called ________.

• A)a quality adjustment; a substitution bias
• B)a change in a relative price; inflation
• C)inflation; a change in a relative price
• D)a price level adjustment; a quality adjustment

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Definitions:

June Days

Refers to the uprising in June 1848 in Paris, France, as a reaction to the closure of the national workshops, leading to a brutal suppression by the government.

National Workshops

An employment and vocational training program established in France during the 1848 Revolution as a response to unemployment.

Central Paris

Refers to the central part of Paris, the capital city of France, which includes many of the city's most famous landmarks and districts.

Bureaucratic Spying

The act of surveillance within or by governmental or organizational structures, often to control or gather information on citizens or employees.