Inflation Is Best Defined as

question 94

Multiple Choice

Inflation is best defined as

• A)a price decrease.
• B)a relative price increase.
• C)an increase in the general price level.
• D)an increase in the price of a single necessity.

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Definitions:

Tax Revenue

The income governments procure through the levy of taxes.

Consumer Surplus

The variance between the total consumers are prepared to invest in a good or service and what they end up investing.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the higher market price they actually receive.

Tax Revenue

Funds acquired by governments from taxation, employed to support public programs and fulfill government responsibilities.