A Change in Prices Not the Result of Product Improvement

question 44

Multiple Choice

A change in prices not the result of product improvement is called inflation and is generally considered to be a negative economic development,but:

• A)downward changes in prices,or deflation,is a positive economic development and can offset inflation.
• B)inflation is not uniform across all product categories,so inflation may negatively affect only certain product categories.
• C)inflation generally does not last long and is self-correcting,so monetary authorities do not consider inflation to be a concern for currency values.
• D)but inflation affects all product categories,so prices of products relative to each other do not change.

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Definitions:

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