Answer to Question #218356 in Economics for Andie

Question

4.1     Which one of the following statements best describes inflation?

[1]      increase in the prices of goods and services

[2]     once-off and considerable increase in the general price level

[3]     a continuous and considerable increase in the price of electricity and petrol

[4]     a continuous and considerable increase in the general price level of goods and services

Answer 1

The correct answer is [4] a continuous and considerable increase in the general price level of goods and services.