Which of the Following Is a Correct Description of 'Inflation

question 49

Multiple Choice

Which of the following is a correct description of 'inflation'?

• A)Inflation refers to an increase in relative prices throughout the economy.
• B)Inflation is the change in the price level from one year to another.
• C)Inflation is a sustained increase in the price level.
• D)Inflation is when there is a one-time jump in the price level.

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Definitions:

Nonprogrammed Decision

Decisions made in response to situations that are unique, poorly defined, and largely unstructured, requiring a custom-tailored solution.

Routine Situation

A scenario or circumstance that occurs regularly and is characterized by predictable patterns and a lack of novelty.

Job Description

A detailed summary of the duties, responsibilities, required qualifications, and reporting lines of a specific position within an organization.

Morphological Analysis

A method used to solve problems by breaking them down into their most basic components for analysis.