Last Year,a Mother in a Small African Nation Could Buy
Last year,a mother in a small African nation could buy a pound of flour for the Canadian equivalent of $1.30.Six months ago,an identical pound of flour cost $3.40.Today she would need $5.60 to buy that pound of flour.This example of the general upward movement of prices is called which of the following?
A) discretionary pricing
B) supply-side pricing
The price of a basket of groceries rises from $30 to $40 but your salary remains the same.This is an example of a decline in which of the following for you,personally?
A) standard of living
B) purchasing power
C) cost of living index
D) GDP index
Which type of inflation is triggered by increases in production that push up the costs of final goods and services?
If one of the reasons for the growing inflation rate is due to increases in production costs of goods and services that occurred as a result of a decline in a suitable labour force,this would be an example of which type of inflation?