What does inflation mean?
Answer and explanation
Correct answer: C. A general rise in prices over time
- Step 1: That is, when the general level of prices rise, each monetary unit can buy fewer goods and services in aggregate. Answer: A general rise in prices over time. Why not the others: None of these fit: A decrease in the money supply; A fall in the value of land; A rise in the unemployment rate.
Practise more Rights, Elections and the Economy.
Free questions with an explanation for every one, and full timed General Knowledge (United States) mock tests.
More Rights, Elections and the Economy questions
- Which amendment protects freedom of speech, religion, the press and assembly?
- Which amendment protects a person from being forced to testify against themselves?
- Which amendment guarantees equal protection of the laws to all persons?
- Which amendment lowered the voting age to 18?
- Which amendment allowed Congress to collect an income tax?
- Which agency collects federal taxes in the United States?